Tanzania’s central bank working towards cryptocurrency adoption

A few years after banning the usage of digital assets within its borders, Tanzania is heading towards a full 180-turn.

Tanzania’s central bank working towards cryptocurrency adoption

The country’s central bank asserted today that it has begun working on a recent directive from the President to adopt cryptocurrencies.

A few days ago, Tanzania’s President Samia Suluhu Hassan highlighted the need for the country to adopt digital assets.

Tanzania’s central bank plans to listen to Hassan’s words. The organization wants to be prepared for if or when the nation will need to use cryptocurrencies.

However, the statement from the bank shows a completely different approach than the one undertaken in 2019.

The institution implemented a ban on operating with cryptocurrencies. It argued that the country had not recognized them as legal currencies and warned its citizens to stay away as they might lose money if they invested in such speculative assets.

Recently, a spokesperson from the central bank reassured that the organization is working on the directives given, referring to President comments. 

However, the bank’s representative failed to disclose details whether it will adopt Bitcoin and other currently existing digital assets or will tend to go with the Chinese route and create a CBDC.

This development comes shortly after news broke that El Salvador has become the world’s first nation to make Bitcoin a legal tender. Earlier this June, the El Salvador government voted in favor of the law, which will come into effect in September.

Read: Colombian capital funds $2.3M to supports blockchain and emerging tech