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Central Bank of Tanzania is working to overturn crypto ban, after president’s push

Eleven days ago, the Tanzanian president, Samia Suluhu Hassan, urged her country central bank to prepare for the crypto ecosystem. Today the body’s response arrives: the Central Bank itself said that it is working to comply with this order of the president, pointing towards a possible revocation of a ban that it implemented in 2019.

Central Bank of Tanzania is working to overturn crypto ban, after president's push

Central Bank of Tanzania is working to overturn crypto ban, after president’s push

It is worth remembering that the new president, who came to power after the death of her predecessor in March, said on June 15 that the arrival of digital currencies to the East African nation was inevitable.

At that time she said:

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

The Tanzanian central bank banned cryptocurrencies in November 2019, saying they were not recognized by national laws, but now it is starting to change, given the presidential term.

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  • “The bank is working on the given directives,” a Bank of Tanzania spokesman told Reuters this week, declining to elaborate.

    The spokesperson did not respond to questions from Reuters about whether the bank plans to adopt existing cryptocurrencies or whether it was looking to issue its own digital currency (CDBC).

    However, some analysts told Reuters that progress could be slow.

    “The change in tone from the President of Tanzania is clear, but wait to see if the central bank will take concrete steps to embrace cryptocurrencies,” said Faith Mwangi, an analyst at Tellimer.

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