Tanzania's central bank has started to work on government directives aimed at lifting a ban on cryptos in place in the country since 2019, Reuters has reported.
Tanzania's president Samia Hassan Suluhu had earlier called on the country's central bank to investigate the crypto sector. He has explained he has made this decision due to the growing influence of digital assets in global financial markets.
Tanzania Bankers' Association chairman Abdulmajid Nsekela has given his support to the position of the country's president. He said:
"The most challenging element for regulators is to be caught by surprise by innovations."
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Nsekela believes the legitimization of cryptos will help diversify financial transactions in the country, which are currently dominated by cash payments.