Bank of Tanzania Hints at Possible Crypto Ban Reversal as Spokesman Confirms Bank Is ‘Working on the Directives Given’
In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on the country’s finance chiefs to prepare for cryptocurrencies. BOT Move Commended In a speech delivered shortly after El Salvador made bitcoin legal, President Hassan pointed to the inevitability of cryptocurrencies. However, as one report explains, the central bank spokesperson did not reveal whether or not the BOT is planning to adopt existing cryptocurrencies such as bitcoin or if it wants to issue its own digital currency. Still, even with this lack of clarity, some members of Tanzania’s blockchain and crypto community have welcomed the reports. For instance, Abdulmajid Nsekela, the chairman of the Tanzania Bankers Association commends the reports that are attributed to the BOT’s spokesperson but warn of...