There Might be a Light for Cryptocurrencies in Tanzania After all

It is being expected that the Bank of Tanzania may be reconsidering its stance around cryptocurrencies. This is why it is expected that the Bank of Tanzania may come up with a different plan in regard to the adoption of cryptocurrencies.

After years of being banned in Tanzania, cryptocurrencies may finally have a chance of restarting in the country. There are questions as to why the Bank of Tanzania has had a sudden change of mind about cryptocurrencies.

The Bank of Tanzania has a change of mind and view around cryptocurrencies after the recent comments that were made by the president of Tanzania. The president of Tanzania had reportedly made positive and supportive comments about cryptocurrencies.

He backed the idea of cryptocurrencies and made favorable comments around their adoption in Tanzania. This is what has given hope to the cryptocurrency community in Tanzania that finally the cryptocurrencies may get unbanned in Tanzania.

It was back in November of 2019 when Tanzania central bank had proceeded with the complete banning of cryptocurrencies. At that time, it was not revealed or confirmed when the cryptocurrency ban was going to get lifted in Tanzania. Due to the banning of cryptocurrencies being indefinite, it was considered a permanent ban.

There are now reports that the Central Bank of Tanzania may be looking to issue new directives in regards to unbanning cryptocurrencies. The reports suggest that the bank has already begun its work on the directives and may soon have good news for the citizens of Tanzania.

It was just recently when the president of Tanzania, Samia Suluhu Hassan had talked about the potential of cryptocurrencies. During one of her speeches, Hassan talked about how cryptocurrencies could prove beneficial for the entire country and its economy.

Therefore, she requested the Central Bank of Tanzania to look into the possibility of exploring cryptocurrencies again. She requested the regulator at the beginning of June to find out the possibilities of adopting cryptocurrencies and the benefits the industry can offer.

She urged the regulators to look into the possibility of adopting Bitcoin (BTC), which is the largest cryptocurrency in the entire crypto-verse. She requested the regulatory body to keep itself up-to-date with time and technology that is constantly growing.

The comments she made about cryptocurrencies came after the remarks that had been passed by the president of El Salvador during the Bitcoin 2021 Conference in Miami.

Since then, the interest of many investors and businessmen has increased in the cryptocurrency industry. A new wave of high sentiments and trust around cryptocurrencies has been observed all over Latin America. There are high chances that the people in Tanzania may again have the opportunity to invest in cryptocurrencies.