$\"Tanzanian$ <\/div>

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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. <\/strong><\/p>\n

Central Bank Open to Ideas<\/h2>\n
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.<\/p>\n
Also, in his remarks<\/a> published by The Citizen, Luoga revealed that the BOT \u2014 which is now exploring the possibility of issuing a digital currency \u2014 is nonetheless open to any ideas on how it can regulate cryptocurrencies.<\/p>\n
\u201cWe can\u2019t outlaw something that we are not yet competent with or regulate a game that we don\u2019t 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,\u201d Luoga is quoted explaining.<\/p>\n
By asking for the opinion of interested parties, Luoga appears to be reiterating an earlier promise to heed President Samia Suluhu Hasan\u2019s call on the country\u2019s finance chiefs to prepare for crypto. As reported<\/a> 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<\/a> it would heed the president\u2019s call.<\/p>\n
The Central Bank\u2019s CBDC Plan<\/h2>\n
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\u2019s position in 2019 which suggested that trading in cryptocurrencies violated foreign exchange regulations.<\/p>\n
Concerning the BOT\u2019s plan to eventually launch a digital currency, Luoga is quoted explaining that the central bank\u2019s objective \u201cis to minimise, if not mitigate, the possible effects of a CBDC on the central bank\u2019s core business of monetary policy, financial stability and integrity, and payment system structure and development.\u201d<\/p>\n
What are your thoughts about this story? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n
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\nTerence Zimwara <\/h6>\n
\nTerence 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.

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