Tanzania’s Central Bank Says It’s Working On Adopting Cryptocurrencies

Tanzania’s central bank has made a u-turn on its decision to ban cryptocurrencies following orders from the East African country’s new president, Samia Suluhu Hassan.

Hassan, who came to power in March 2021 after the death of her predecessor, said the arrival of digital currencies in Tanzania was “inevitable” as it witnesses the emergence of blockchain technology.

All Aboard the Crypto Train

Tanzania has become the latest country to adopt cryptocurrencies and blockchain technology after El Salvador decided to make Bitcoin legal tender earlier in June – which prompted other Latin American countries such as Paraguay and Panama to explore digital assets.

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.

Tanzania President Samia Suluhu Hassan

In November 2019, Tanzania banned cryptocurrencies after its central bank refused to recognise them under local law, but now the bank seems to be working on the directives given, a spokesperson told Reuters.

Crypto Adoption Plans Accelerate Worldwide

Crypto adoption is on the rise, not only in Africa but worldwide. Nigeria is working to develop and implement its own CBDC by the end of the year, and Brazil, El Salvador, Paraguay, China and now Tanzania are just some of the countries accelerating their plans to embrace crypto and launch their own digital currencies.

We could soon see a handful of other countries and states racing to join the digital financial world. Even the European Central Bank has said countries that choose not to launch a CBDC could be “left out” when it comes to cross-border payments.