Tanzania's Central Bank Working on President's Cryptocurrency Directive

Tanzania's central bank is reportedly working on a directive from the country's president Samia Suluhu Hassan to prepare for cryptocurrencies.

The developments could hint at a possible reversal of the central bank's stance on Bitcoin, Reuters reports. In 2019, the Tanzanian central bank publicly warned against the use of Bitcoin and other cryptocurrencies and emphasized that it had the sole authority to issue banknotes and coins and declare legal tender status.

Earlier this month, Suluhu spoke of "the emergence of blockchain technology or cryptocurrency" during the opening of a central bank branch in the country.

"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."

Now "the bank is working on the directives given," a central bank spokesperson reportedly told Reuters on the matter.

It is not clear to which extent Tanzania will get involved with Bitcoin, as the execution of the directive could range from a softer stance on the asset to a more hands-on approach for adoption. The central bank has not given further detail at the time of writing.

The developments come amid movement in multiple nations, possibly spurred on by first-mover El Salvador, which declared Bitcoin legal tender earlier this month, drawing attention from around the world. A Paraguayan congressman has announced he would present Bitcoin legislation to congress in the coming week. Meanwhile, multiple politicians from Brazil, Colombia, Tonga, and other countries have switched on the laser eyes in support of Bitcoin.