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Central Bank Tanzania Is Working On President’s Cryptocurrency Push

According to reports, the Tanzania’s Central Bank has said that it’s working on President’s directive to prepare for cryptocurrencies, poiting to a possible reversal of ban which the country had been put since 2019.

Actually, the new president who took the power after the predecessor in March, said that arrival of digital currency in in the Easy Africa nation was inevitable.

As per the statement of President Samia Suluhu Hasan during the opening of new central bank branch, “In the financial sector, we have witnessed the emergence of blockchain technology or cryptocurrency.”

She also added, “Many countries in the world have not accepted or started using these currencies. However, I would like to advise the central bank to start working on those issues. Just be prepared.”

Her comments came just after the EL Salvador become the first country to adopt bitcoin as a legal tender, which led to fresh debate over the role of cryptocurrencies in economies.

In the back in 2019, the Tanzania’s central bank had banned cryptocurrencies in November that year, stating they were not recognized by local law, however, it now says that it’s adapting to the president’s comments.

The bank authorities stated that the bank is working on the directive given, however the bank also declined to offer more detail on this.