The Central Bank of Tanzania may lift the cryptocurrency ban after the president’s endorsement

According to reports, the Bank of Tanzania is working to overturn its ban on cryptocurrencies due to the favorable comments made by the country’s president on cryptocurrencies.

according to Reuters, The Central Bank of Tanzania has begun work in accordance with the country’s federal government’s directive, which may reverse its November 2019 encryption ban.

As Cointelegraph previously reported, President Hassan urges the central bank Start exploring Bitcoin (Bitcoin) And digital assets from earlier this month.

At that time, given the growing popularity of cryptocurrencies, Hassan asked the Bank of Tanzania to keep up with the times.

These positive reviews of cryptocurrencies followed closely El Salvador’s Bitcoin Law And a wave of positive BTC sentiment in several countries in Latin America.

However, in Africa, encryption-related regulations beyond the central bank ban have not yet been issued.As early as February, the Central Bank of Nigeria also banned financial institutions from entering the country From the service cryptocurrency exchange.

For Abdulmajid Nsekela, president of the Tanzania Bankers Association, this move may help diversify the country’s current cash-based financial transactions.

related: Tanzanian president urges central bank to prepare for cryptocurrency

Nsekela also responded to the President’s comments on the need for the Bank of Tanzania to become more familiar with the crypto market, adding: “The most challenging factor for regulators is being surprised by innovation.

according to data From Useful Tulips-a platform that tracks global peer-to-peer BTC transactions-Tanzania ranks seventh in sub-Saharan Africa’s peer-to-peer transaction volume. Nigeria still accounts for more than half of bitcoin trading activity in the region.

Although there is no clear encryption regulation on the African continent, some countries are working hard Floating central bank digital currencyIn fact, the central banks of Nigeria and Ghana have already Announce Achieve this effect in June