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The Central Bank of Tanzania can lift the crypto ban after the president confirms

June 25, 2021 - Around 2 mins mins to read

The Bank of Tanzania is reportedly operating to lift the ban on cryptocurrencies though the country’s president tends to make constructive comments on cryptocurrencies.

According to Reuters, Tanzania’s central bank has began perform on a guideline from the country’s federal government that could see the crypto ban lifted by November 2019.

As Cointelegraph previously reported, President Hassan urged the central bank to commence analysis into Bitcoin (BTC) and digital assets earlier this month.

Back then, Hassan ordered the Bank of Tanzania to move with the occasions provided the developing reputation of cryptocurrencies.

These constructive crypto comments stem from El Salvador’s Bitcoin law and the wave of constructive sentiment towards BTC in various Latin American nations.

In Africa, nevertheless, crypto-connected regulations beyond the central bank ban have however to emerge. As early as February, Nigeria’s central bank also banned the country’s economic institutions from operating cryptocurrency exchanges.

For Abdulmajid Nsekela, president of the Tanzania Bankers Association, the move could support diversify economic transactions in the nation that is at present dominated by money payments.

Connected: Tanzania’s President urges the central bank to prepare for cryptocurrencies

Nsekela also reiterated the president’s remarks about the want for the Bank of Tanzania to grow to be much more familiar with the crypto market, adding, “The hardest factor for regulators is to be surprised by innovation.”

Tanzania ranks seventh in terms of peer-to-peer trade volume in sub-Saharan Africa, according to information from Useful Tulips – a international peer-to-peer platform for tracking BTC transactions. Nigeria nonetheless accounts for much more than half of the region’s bitcoin trading activity.

While there are nonetheless no clear regulations for cryptocurrencies on the continent, various nations are operating on releasing digital currencies from central banks. Indeed, the central banks of Nigeria and Ghana produced corresponding announcements in June.

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Market

The Central Bank of Tanzania can lift the crypto ban after the president confirms

The Bank of Tanzania is reportedly operating to lift the ban on cryptocurrencies though the country’s president tends to make constructive comments on cryptocurrencies.

According to Reuters, Tanzania’s central bank has began perform on a guideline from the country’s federal government that could see the crypto ban lifted by November 2019.

As Cointelegraph previously reported, President Hassan urged the central bank to commence analysis into Bitcoin (BTC) and digital assets earlier this month.

Back then, Hassan ordered the Bank of Tanzania to move with the occasions provided the developing reputation of cryptocurrencies.

These constructive crypto comments stem from El Salvador’s Bitcoin law and the wave of constructive sentiment towards BTC in various Latin American nations.

In Africa, nevertheless, crypto-connected regulations beyond the central bank ban have however to emerge. As early as February, Nigeria’s central bank also banned the country’s economic institutions from operating cryptocurrency exchanges.

For Abdulmajid Nsekela, president of the Tanzania Bankers Association, the move could support diversify economic transactions in the nation that is at present dominated by money payments.

Connected: Tanzania’s President urges the central bank to prepare for cryptocurrencies

Nsekela also reiterated the president’s remarks about the want for the Bank of Tanzania to grow to be much more familiar with the crypto market, adding, “The hardest factor for regulators is to be surprised by innovation.”

Tanzania ranks seventh in terms of peer-to-peer trade volume in sub-Saharan Africa, according to information from Useful Tulips – a international peer-to-peer platform for tracking BTC transactions. Nigeria nonetheless accounts for much more than half of the region’s bitcoin trading activity.

While there are nonetheless no clear regulations for cryptocurrencies on the continent, various nations are operating on releasing digital currencies from central banks. Indeed, the central banks of Nigeria and Ghana produced corresponding announcements in June.

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