{"id":8855,"date":"2021-06-28T06:55:15","date_gmt":"2021-06-28T06:55:15","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-tanzania-hints-at-possible-crypto-ban-reversal-as-spokesman-confirms-bank-is-working-on-the-directives-given\/"},"modified":"2021-06-28T06:55:15","modified_gmt":"2021-06-28T06:55:15","slug":"bank-of-tanzania-hints-at-possible-crypto-ban-reversal-as-spokesman-confirms-bank-is-working-on-the-directives-given","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bank-of-tanzania-hints-at-possible-crypto-ban-reversal-as-spokesman-confirms-bank-is-working-on-the-directives-given\/","title":{"rendered":"Bank of Tanzania Hints at Possible Crypto Ban Reversal as Spokesman Confirms Bank Is \u2018Working on the Directives Given\u2019"},"content":{"rendered":"

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 \u201cworking on the directives given.\u201d The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan\u2019s call on the country\u2019s finance chiefs to prepare for cryptocurrencies. <\/strong><\/p>\n

BOT Move Commended<\/h2>\n

In a speech<\/a> delivered shortly after El Salvador made bitcoin legal, President Hassan pointed to the inevitability of cryptocurrencies. However, as one report<\/a> 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.<\/p>\n

Still, even with this lack of clarity, some members of Tanzania\u2019s 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\u2019s spokesperson but warn of challenges that lie ahead. Nsekela said:<\/p>\n

The most challenging element for regulators is to be caught by surprise by innovations. Gradual preparations would help the central bank assess the risks and come up with ways of addressing them in advance.<\/p>\n

<\/p>\n

Slow Progress<\/h2>\n

In November 2019, the Tanzanian central bank banned cryptocurrencies saying these were not recognized by local law. However, following Hassan\u2019s call, Tanzania now joins few other African countries that have or are planning to reverse regulations that restrict cryptocurrencies and other emerging technologies.<\/p>\n

In the meantime, the same report also quotes Faith Mwangi, an analyst at Tellimer, who suggests that implementation of Hassan\u2019s call will be slow. Mwangi explained: \u201cThe change in tone from Tanzania\u2019s president is clear, but wait to see whether the central bank will take concrete steps towards embracing cryptocurrencies.\u201d<\/p>\n

The analyst also points to Uganda where President Yoweri Museveni similarly promised the reversal of anti-crypto regulations. However, according to the report, since the 2017 announcement, Uganda\u2019s central bank is still to rescind the restrictions.<\/p>\n

How long do you think it will take for BOT to completely reverse its 2019 crypto ban? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, Bank of Tanzania, Central Bank, Cryptocurrencies, financial innovations, fintechs, President Samia Hassan, Tanzania crypto ban, Yoweri Museveni<\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u201cworking on the directives given.\u201d The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan\u2019s call on the country\u2019s finance chiefs to prepare for cryptocurrencies. BOT Move…<\/p>\n","protected":false},"author":0,"featured_media":8856,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8855"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8855"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8856"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}