It seems that with the new president of Tanzania, a cryptocurrency spring is also coming to the country – the Central Bank is working to lift the ban on the use of digital assets, introduced in November 2019.
In mid-June, Samia Suluhu Hassan urged the country’s Central Bank to investigate digital assets in connection with the significant increase in the impact of cryptocurrencies on the global financial system.
“The bank is working according to the instructions given,” – said a representative of the Central Bank of Tanzania, declining to provide further information.
It is not yet clear whether cryptocurrencies will be given a more legal status in the country, or whether the regulator has begun work on its own digital currency. But, in any case, as noted by the chairman of the Association of Tanzanian Banks Abdulmajid Nsekela (Abdulmajid Nsekela), such a move will help diversify financial transactions in the country. Now the overwhelming majority of transactions are carried out with the help of cash.
“The attitude of the Tanzanian president towards cryptocurrencies is very clear. But we need to wait and see if the country’s Central Bank will take concrete steps to adopt cryptocurrencies, ”said Faith Mwangi, an analyst at Tellimer.
Mwangi recalled that back in 2017, the President of Uganda made similar statements, but the country’s Central Bank did not lift the ban on the use of cryptocurrencies for payments.
Interestingly, other countries on the continent are already preparing to test their own digital currencies. So, by the end of this year, Nigeria will begin testing digital naira, and the Central Bank of Ghana is at an “advanced stage” in the development of digital cedi.
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