Central Bank of Tanzania to lift cryptocurrency ban after president’s appeal

The Central Bank of Tanzania has begun work on government directives that will lift the ban on cryptocurrencies in force in the country since November 2019. Reuters reports.

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A source at Reuters confirmed the information but declined to answer clarifying questions from journalists.

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Earlier, President Samia Hassan Suluhu urged the central bank to study digital assets. She explained the initiative by their growing influence on the global financial market.

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Abdulmajid Nsekela, chairman of the Tanzanian Bankers Association, supported the president’s stance.

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“The most difficult situation for regulators — to be caught off guard by innovations,” he explained.

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Nsekela argues that legitimising cryptocurrencies would help diversify financial transactions in the country. At present, cash payments predominate.

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Earlier, the Bank of Ghana announced that it was at an advanced stage of developing a CBDC. In a similar vein, representatives of the Nigerian regulator expressed their views.

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In late May, the South African Reserve Bank announced that the techno-economic feasibility study for a CBDC in retail payments would be completed in 2022.

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