The Central Bank of Tanzania is now doing its homework to find new ways through which the country can embrace cryptocurrencies.
A Bank of Tanzania spokesperson said that it is working on President Samia Suluhu Hassan’s directive to prepare for cryptocurrencies, pointing to a possible reversal of a ban it put in place in 2019.
The president directed the bank to instead, find ways through which the country can embrace the technology. The president, who came to power after the death of her predecessor in March, said that digital currencies in the East Africa nation was inevitable.
“In the financial sector, we have witnessed the emergence of blockchain technology or cryptocurrency,” said the President.
“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.”
This is encouraging news for crypto communities in the country given that most East African countries, including Kenya and Uganda, have their Central Bank warning their citizens against crypto deals. There claim is that, “there is a lack of consumer protection for investors”.
Some cryptocurrency investment analysis are expressing cause for concern as well.
They worry that the country may not be prepared for this new technology. They point to the fact that Tanzania does not have investment brokers, nor trade advisers in matters regarding cryptocurrencies. Not to mention financial loss, due to the volatile nature of cryptocurrencies.
