Bank of Tanzania points to a possible lifting of the crypto ban as the spokesman confirms that the bank is “working on the guidelines given” – Emerging Markets Bitcoin News

In a hint that Tanzania could soon lift its 2019 crypto ban, an unnamed Bank of Tanzania (BOT) spokesman recently suggested that Apex bank “work on the guidelines given.” The statements of the speaker follow the request of the Tanzanian President Samia Suluhu Hassan to the finance chiefs of the country to prepare for cryptocurrencies.

BOT Move recommended

In a speech given shortly after El Salvador legalized Bitcoin, President Hassan pointed out the inevitability of cryptocurrencies. However, as a report explains, the central bank spokesman did not reveal whether or not the BOT plans to take over existing cryptocurrencies like Bitcoin, or whether it wants to issue its own digital currency.

Despite this lack of clarity, some members of the Tanzanian blockchain and crypto community have welcomed the reports. For example, Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, praised the reports attributed to the BOT spokesman but warns of challenges ahead. Nsekela said:

The biggest challenge for regulators is to be surprised by innovation. Successive preparations would help the central bank to assess the risks and find ways to counter them in advance.

Slow progress

In November 2019, the Tanzanian central bank banned cryptocurrencies because they would not be recognized by local law. However, following Hassan’s appeal, Tanzania is now joining few other African countries that have or plan to regulate cryptocurrencies and other emerging technologies.

Meanwhile, the same report also cites Faith Mwangi, an analyst at Tellimer, who suggests that the implementation of Hassan’s appeal will be slow. Mwangi stated: “The change of tone of the President of Tanzania is clear, but wait and see if the central bank will take concrete steps to introduce cryptocurrencies.”

The analyst also points to Uganda, where President Yoweri Museveni has also promised to lift anti-crypto regulations. However, according to the report, Uganda’s central bank has yet to lift the restrictions since the 2017 announcement.

How long do you think it will take for BOT to completely reverse its 2019 crypto ban? Let us know what you think in the comments section below.

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