The governor of the Central Bank of Tanzania recently revealed that cryptocurrencies have not been banned in the country, but warned those involved in crypto-related investments that they would do so at their own risk.

The central bank is open to ideas

Florens Luoga, President of the Bank of Tanzania (BOT), recently stated that the central bank has not banned cryptocurrencies, and those who invest funds into crypto-related investments are at their own risk.

In addition, in his Comment Published by The Citizen, Luoga revealed that BOT, which is currently exploring the possibility of issuing digital currencies, is open to any ideas on how to regulate cryptocurrencies.

“We cannot ban things that we are not yet competent, nor can we supervise games that we don’t really understand how to play. We have not yet reached a position where it can be costed. [sic] Cryptocurrency, but we welcome applications from interested parties. Everyone should present their ideas for consideration at any time,” said Roga, who was quoted as explaining.

By seeking the opinions of all parties concerned, Loga seems to have reiterated his earlier commitment to listen to President Samia Suluhu Hassan’s call on the country’s finance minister to prepare for cryptocurrency.As Report In July, Bitcoin.com news reported that after the president called, the Tanzanian government, through its ICT Ministry, took the first step and announced the establishment of a blockchain consulting team.Later, the central bank itself promise It will heed the president’s call.

Central Bank’s CBDC plan

Now, less than six months later, when Roga told the public at a meeting of stakeholders in the financial sector in the capital that he can still dabble in cryptocurrency, he seems to have fulfilled that promise. This is in stark contrast to BOT’s position in 2019, which indicated that cryptocurrency trading violated foreign exchange regulations.

Regarding BOT’s plan to finally launch a digital currency, Luojia was quoted as explaining that the central bank’s goal “is to minimize, if not mitigated, the possible impact of CBDC on the central bank’s monetary policy, financial stability and integrity and other core businesses, as well as the structure and structure of the payment system. developing.”

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Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.