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Tanzania central bank is working on implementing crypto

Elon Musk and Jack Dorsey have agreed to have a sit down discussion about bitcoin

Tanzania’s central bank is making progress on a directive issued by president Samia Suluhu Hassan to facilitate the adoption of cryptocurrencies.

The move follows the East African country banning crypto back in 2019, as the president now describes the impact of crypto as inevitable

“In the financial sector, we have witnessed the emergence of blockchain technology or cryptocurrency,” Hassan said at the opening a new central bank branch in the northern town of Mwanza recently.

“Many countries in the world have not accepted or started using these currencies. However, I would like to advise the central bank to start working on those issues. Just be prepared.”

The comments swiftly follow El Salvador becoming the first Nation on earth to make bitcoin legal tender, freshening up the debate over the future role of crypto in the world economy.

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Back in November 2019, Tanzania banned cryptocurrencies, saying they were not recognised by the country’s laws.

Analysts have suggested that while the announcement has been made, progress could take some time.

“The change in tone from Tanzania’s president is clear, but wait to see whether the central bank will take concrete steps towards embracing cryptocurrencies,” Faith Mwangi, an analyst at Tellimer, told Reuters.

At the time of writing, the bitcoin price is at $32,911, down 3.27% in the last 24 hours. It follows a tumultuous past 30 days for the cryptocurrency, which has fallen from over $40,000 to below $32,000 on two separate occasions in the time period.

Further bitcoin news came from Twitter as Tesla chief Elon Musk and the founder of the social media site Jack Dorsey appeared to agree to have a sit down discussion to discuss the cryptocurrency.

“For the Bitcurious? Very well then, let’s do it.” Musk said in response to Dorsey’s pleas.


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