Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own Risk – Regulation Bitcoin News


The Tanzanian central bank governor recently revealed that cryptocurrencies are not outlawed in the country but warned those dabbling in crypto-related investments that they do so at their own risk.

Central Bank Open to Ideas

The governor of the Bank of Tanzania (BOT), Florens Luoga, recently stated that the central bank has not outlawed cryptocurrencies and that those putting money into crypto-related investments are doing so at their own risk.

How To Get Free Crypto  

Also, in his remarks published by The Citizen, Luoga revealed that the BOT — which is now exploring the possibility of issuing a digital currency — is nonetheless open to any ideas on how it can regulate cryptocurrencies.

“We can’t outlaw something that we are not yet competent with or regulate a game that we don’t really know how it is played. We have not reached a position where we can costerise [sic] cryptos, but we welcome applications from interested parties. All should feel free to present their ideas for consideration,” Luoga is quoted explaining.

By asking for the opinion of interested parties, Luoga appears to be reiterating an earlier promise to heed President Samia Suluhu Hasan’s call on the country’s finance chiefs to prepare for crypto. As reported by Bitcoin.com News in July, after the president made the call, the Tanzanian government took the first step through its ICT ministry when it announced the creation of a blockchain advisory team. Later, the central bank itself promised it would heed the president’s call.

The Central Bank’s CBDC Plan

Now, less than six months later, Luoga appeared to make good on this promise when he told financial sector stakeholders meeting in the national capital that the public is still allowed to dabble in cryptocurrencies. This is in contrast to the BOT’s position in 2019 which suggested that trading in cryptocurrencies violated foreign exchange regulations.

Coinbase Banner  

Concerning the BOT’s plan to eventually launch a digital currency, Luoga is quoted explaining that the central bank’s objective “is to minimise, if not mitigate, the possible effects of a CBDC on the central bank’s core business of monetary policy, financial stability and integrity, and payment system structure and development.”

Tags in this story

What are your thoughts about this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Terence Zimwara

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.