Florens Luoga, governor of the Bank of Tanzania, recently stated that the central bank has not restricted or banned cryptocurrencies and that those venturing into crypto-related investments are operating at their own risk.
In a comment published by The Citizen, Louga stated that they cannot outlaw something that we are know nothing about and as such we are in no position to outlaw crypto, but interested parties are welcome to attend and present their ideas for consideration.
According to reports, the Tanzanian government, after the president made the call, took its first step when it moved to create a blockchain advisory team.
Luoga appeared to deliver on his promise when he stated that the general public is still allowed to take part in trading and dabbling in cryptocurrencies. He made this statement in a meeting with the stakeholders in the financial sector meeting.
Luoga is quoted stating that the objective of the central bank “is to reduce, if not mitigate, the effects of the CBDC on the central bank’s core business policy, integrity and financial stability and payment system development and structure.”
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