Tanzania Central Bank to Reverse Crypto Ban Following Pro-crypto Remarks from President

By Shannon Wilson | June 28, 2021

The Bank of Tanzania is reportedly looking to dismiss its crypto ban decision, following numerous remarks supporting the sphere from President Samia Suluhu Hassan. 

Specifically, Tanzania’s central bank has reportedly started to invest resources on directives generated by the nation’s federal authority, which potentially lead to the final development of removing the ban made in November last year. 

Previously, president Hassan has reportedly called for the central bank in early June this year, to initiate the process of deep-diving into Bitcoin (BTC) and virtual assets. Hassan additionally urged the bank to stay relevant with the times, taking into account how crypto is gaining increasing popularity. 

Hassan reportedly made those pro-crypto remarks during El Salvador’s Bitcoin Law and a wave of positive BTC sentiment surfaced throughout numerous nations located in the Latin America area. 

Nonetheless, the emergence of crypto-centric regulations extending beyond the confines of central bank bans has not happened in Africa, with Nigeria’s central bank issuing prohibition regarding offerings from financial entities to crypto exchange establishments. 

Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, reportedly believed that the development could offer diversity to the current financial transactions locally, which is witnessing a domination from cash payments.

Nsekela further agreed with the president’s remarks regarding the Bank of Tanzania ought to establish an improved familiarity with the crypto sphere, claiming that “The most challenging element for regulators is to be caught by surprise by innovations.”

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