The Bank of Tanzania Studying Cryptocurrency and Online Forex Trading Impact in Tanzania

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A circular purported to be coming from the Directorate of Economic Research and Policy at the Central Bank of Tanzania (BoT) shows that the bank is conducting a study to assess the extent of cryptocurrency impact on the Tanzanian economy with a view to registering brokers for the business.

The circular, in part, reads:

“Please be informed that the Bank of Tanzania is conducting a study to assess the extent of Cryptocurrency and Online Forex Trading and its implication to the economy in Tanzania. The result of this survey will determine whether or not there is any need to register brokers for this business in the country.”

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The letter goes on to further state that BoT will conduct the survey by visiting various parts of Tanzania and interview selected individuals to gather the needed information for decision making.

The above letter, dated 26th August 2019, comes after Rwanda mentioned that it is studying how to launch and issue a digital currency for the country.

Other African central banks and regulators that have recently taken a stand to either regulate, limit, or caution the public on cryptocurrencies include Malawi, Egypt, South Africa, Zambia, Kenya and Zimbabwe.

As waves of cryptocurrency across Africa take root, we can expect governments and regulators to take a keen interest in the space and offer the way forward.

 

 

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