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Tanzanian Central Bank Says Quoting Prices in Foreign Currency Against the Law
24.6.2023
The Bank of Tanzania (BOT) has reiterated that shillings remain the East African country’s sole legal tender. The apex bank said residents quoting prices in foreign currency or those refusing payment in Tanzanian shillings are in violation of the Bank of Tanzania Act 2006. The central bank...
Tanzanian Central Bank Says Forex Restrictions Intended to ‘Safeguard the Stability of the Financial System’
3.6.2023
The Tanzanian central bank said on May 31 that foreign currency dealers are required to trade all transactions that exceed $1,000,000 within “interbank foreign exchange market prevailing quoted prices.” According to the Bank of Tanzania, the latest directives are intended...
Tanzanian Central Bank Adopts ‘Phased and Risk-Based Approach to Adoption of CBDC’
17.1.2023
After months of research, the Tanzanian central bank announced recently that it had chosen a more cautious and risk-based approach towards the adoption of its central bank digital currency (CBDC). During the research phase, the central bank said it paid particular attention “to risks...
Tanzania ‘cautious’ on CBDC adoption after initial research
16.1.2023
The Bank of Tanzania is waiting for the conclusion of its research into CBDCs before making a final decision on adoption
Tanzania Officials Want Global Clarity on CBDCs and Crypto Assets
11.4.2022
Officials from Tanzania’s financial sector have called for a clearer global consensus on central bank digital currencies (CBDCs) and crypto-assets. The officials agreed that more discussions still need to be carried out before a final decision is made. Interoperability of CBDCs Just under...
More Needs to Be Done to Ensure Tanzanians Understand the Risks of Crypto Trading, Says Blockchain Educator
25.12.2021
Tanzanians are embracing cryptocurrencies but more work still has to be undertaken in order to reduce the number of scams in the industry, a blockchain educator has said. In much of the year 2021, blockchain entities and proponents of the technology in Tanzania did much to bring this fintech...
Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own Risk
15.12.2021
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...
Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind
28.11.2021
Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is not left behind as other countries adopt digital currencies. Keeping Abreast With Developments on...
Zanzibar Government Keen to Get Stakeholders’ View on Cryptocurrencies
15.11.2021
Zanzibar is keen on getting stakeholders’ views on the viability of adopting digital currencies before a final decision is made, a government minister has said. The Importance of Getting the Views of Stakeholders In his remarks during an interview with The Citizen, Mudrick Soraga, who is...
Tanzania Central Bank Heeding Call to Prepare for Crypto, Economists Express Reservations
5.10.2021
While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’s willingness to heed the government’s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies. Economists: Tanzania...
Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto
14.7.2021
In a follow-up to Tanzanian President Samia Suluhu Hassan’s call for cryptocurrency action, a government minister has now announced plans to set up a crypto advisory team. This team, according to the Information and Communication Technology (ICT) minister Faustine Ndugulile, will consist...
Bank of Tanzania Hints at Possible Crypto Ban Reversal as Spokesman Confirms Bank Is ‘Working on the Directives Given’
28.6.2021
In a hint that Tanzania might soon reverse its 2019 crypto ban, an unnamed spokesperson of the Bank of Tanzania (BOT) recently suggested the apex bank is “working on the directives given.” The remarks by the spokesperson follow Tanzanian President Samia Suluhu Hassan’s call on...