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Tanzania’s central bank is seeking to reverse its decision to ban cryptocurrencies in the country following President Samia Suluhu Hassan’s directive.
The country had already taken steps to ban crypto in the country. However, President Hassan ordered a directive to embrace the industry, rather than ban it.
Hassan recently spoke about the ban, saying the country should prepare for cryptocurrency and the era of crypto and blockchain is dawning. We have seen the emergence of a new journey through the internet, she said previously.
Hassan also said that Tanzanians have yet to start using this new technology in the country and the central bank should start working on this development.
Currently, the central bank is working on the Hassans Directive to prepare for cryptocurrencies. The move comes after Hassan’s admission to the presidency following the death of his predecessor in March. “The bank is working on the guidelines given,” said a spokesperson for the Bank of Tanzania.
Residents welcome the move
Abdulmajid Nsekela, president of the Tanzania Bankers Association, considers this decision to be positive for the country. “The hardest part for regulators is to be surprised by innovations,” he said. Nsekela also believes the central bank’s preparations will make it easier to adopt crypto in terms of risk assessment.
Adoption in Africa still on the rise
While African countries such as Nigeria have taken tough positions on the crypto industry, have gone to great lengths to close crypto-related bank accounts, adoption and use continues to grow. Africa currently has the highest growth in peer-to-peer bitcoin trading volume in 2021. Africa lags behind North America in terms of overall activity. Africa has seen a 50% increase in trade volume since May 2020.
The adoption of central bank digital currency (CBDC) also continues to be a hot topic around the world, with China currently leading the way. However, Tanzania has also previously said it will work on its own CBDC. Nigeria is also considering implementing its own CBDC. Twitter CEO Jack Dorsey has also previously said that Nigerians will rule bitcoin.
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