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Tanzania’s central bank may now be on the verge of carrying out a crypto ban reversal after the country’s newly installed president gave orders to embrace the fledgling industry.
In November 2019, the Bank of Tanzania cited local law as the reason for banning digital assets. Now the central bank says the ban is set to be lifted following pro-crypto comments from President Samia Suluhu Hassan.
The former vice president, who was sworn in as Tanzania’s first female president after the death of her predecessor in March, said when opening a new central bank branch in Mwanza at the start of the month. month that she wanted her country to be prepared for the rise of cryptocurrencies.
“In the financial sector, we have seen the emergence of blockchain or cryptocurrency technology. Many countries around 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.
A spokesperson for the Bank of Tanzania said the central bank is already adjusting and working on the guidance given by the new head of state.
Tanzania has a $ 63 billion economy that relies heavily on cash transactions, according to Reuters.
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Featured Image: Shutterstock / raigvi / ZinetroN
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