Tanzania to Lift Cryptocurrency Ban Following Presidential Appeal

Tanzania might soon reverse its 2019 crypto ban as the president calls on the country’s finance chiefs to prepare for cryptocurrencies.

June 28, 2021, | AtoZ Markets – The Central Bank of Tanzania has begun work on government directives that will lift the country’s cryptocurrency ban since November 2019, Reuters is reporting.

The interlocutor of the publication confirmed this information but refused to answer clarifying questions from journalists.

Tanzania embraces the use of crypto

Earlier, Tanzanian President Samia Hassan Suluhu called on the Central Bank to research digital assets. She emphasized the growing impact of digital assets on global finance, stating: “We have witnessed the emergence of a new journey over the Internet.”

Chairman of the Tanzanian Bankers Association Abdulmajid Nsekela supported the position of the head of state.

“The biggest challenge for regulators is being caught off guard by innovation ,” he explained.

Nsekela believes that the legitimization of cryptocurrencies will help diversify financial transactions in the country. At the moment it is dominated by cash payments.

Recall that the Bank of Ghana announced the “advanced stage” of the central bank digital currency (CBDC) development. Representatives of the Nigerian regulator spoke in a similar vein. Recently, the Central Bank of Nigeria (CBN) announced that it may launch a pilot CBDC project by the end of 2021.

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