Tanzania’s central bank is looking to reverse its decision to ban cryptocurrencies in the country following President Samia Suluhu Hassan’s directive.
The country had previously taken measures to ban crypto in the country. However, President Hassan has ordered a directive to embrace the industry, rather than ban it.
Hassan recently spoke out about the ban, saying that the country should prepare for cryptocurrency and that the age of crypto and blockchain was dawning. “We have witnessed the emergence of a new journey through the internet,” she previously stated.
Hassan also stated that Tanzanians had not begun to utilize this new technology in the country as yet, and that the central bank should “start working on that development.”
Currently, the central bank is working on Hassan’s directive to prepare for cryptocurrencies. The move comes following Hassan’s admission into the presidency following the death of her predecessor in March. “The bank is working on the directives given,” said a Bank of Tanzania spokesperson.
Locals welcome the move
Abdulmajid Nsekela, chairman of the Tanzania Bankers’ Association, sees the move as positive for the country. “The most challenging element for regulators is to be caught by surprise by innovations,” he stated. Nsekela also believes that preparations by the central bank will make the adoption of crypto easier in terms of assessing risks.
Adoption in Africa still rising
While African countries such as Nigeria have taken strict stances on the crypto industry, going to lengths to close crypto related bank accounts, adoption and usage continues to grow. Africa currently has the highest bitcoin peer-to-peer trading volume growth in 2021. Africa falls behind North America in terms of overall activity. Africa has seen an increase in trading volume of 50% since May 2020.
Central Bank Digital Currency (CBDC) adoption also continues to be a hot topic across the globe, with China leading the way currently. However, Tanzania has also previously stated that it would be working on its own CBDC. Nigeria is also currently planning on implementing its own CBDC. Twitter CEO Jack Dorsey has also previously said that “Nigerians would lead bitcoin.”
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