Tanzania’s central bank may now be on the verge of a crypto ban u-turn after the country’s newly installed president issued orders to embrace the nascent industry.
In November 2019, the Bank of Tanzania cited local law as a reason for banning digital assets. Now, the central bank says the ban is poised to be reversed following pro-crypto comments from President Samia Suluhu Hassan.
The former Vice President, who was sworn in as Tanzania’s first female President after her predecessor died in March, said during the opening of a new central bank branch in Mwanza earlier this month that she wants her country to be prepared for the rise of cryptocurrencies.
“In the financial sector, we have witnessed the emergence of blockchain technology or cryptocurrency. Many countries in the world have not accepted or started using these currencies. However, I would like to advise the central bank to start working on those issues. Just be prepared.”
A Bank of Tanzania spokesperson says that the central bank is already adapting and working on the directives given by the new head of state.
According to Reuters, Tanzania is a $63 billion economy that heavily relies on cash transactions.