The Bank of Tanzania plans to repeal the prohibition on digital currency

The Bank of Tanzania plans to repeal the prohibition on digital currency

The central bank of Tanzania, according to a recent report, is making plans to invalidate the prohibition on crypto industries due to the optimistic statements made by president Hassan regarding the crypto market. His encouraging position about digital currency is capable of making the Tanzanian bank nullify its earlier proscription on digital currency.

Based on Reuters’ broadcast, the bank had started operating on the mandates given by the nation’s government. The government’s mandates may probably lead to a removal of the prohibition that has lasted for almost two years. Samia Hassan, the president of Tanzania, had previously compelled the Bank of Tanzania to resume the review of BTC and many online currencies.

The President charged the country’s central bank to measure up with the trend of rising crypto adoption in different countries. These hopeful statements regarding crypto adoption came at a time when many countries in Latin America are making policies to the advantage of BTC transactions. Nevertheless, African nations are yet to enact crypto regulatory policies except for the prohibition of crypto transactions. Four months ago, the CBN banned banks in Nigeria from rendering crypto services.

The leader of the association of bankers In Tanzania, Abdulmajid Nsekela, acknowledged that the recent move can aid in the diversification of financial businesses in the nation which is presently done by mainly cash payments. The banker also emphasized the statement made by the president regarding the nation’s central bank getting used to the crypto industry, stating that regulators are faced with the challenge of handling surprising innovations.

Based on information from Useful Tulips, Tanzanian is recognized as the 7th nation in peer-to-peer market capacity in Sub-Saharan Africa. Nigeria is still known to control over half of the BTC transactions in the region.

Although there are no standard crypto regulations in Africa, some countries are planning to deploy CBDCs as soon as possible. Both the Nigerian central bank and that of Ghana have disclosed their plan to that regards.


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