Key Takeaways
- Tanzania government constitutes crypto research team
- The development part of directives made by the Tanzanian president in early July
- African countries increasingly turning to blockchain technology
Local news outlets revealed that the government has directed the Tanzanian ICT Commission to set up an advisory team for cryptocurrencies. The team would consist of about 10 experts that would research the feasibility of cryptocurrencies within the Eastern African nation.
They would also serve an advisory role to the government on blockchain technology's legal, financial, and economic implications. Tanzania ICT minister Faustine Ndugulile revealed to reporters that the country intends to research cryptocurrencies properly before adoption.
According to him, the commission was aware of cryptocurrencies but needed to provide awareness to other government agencies involved in the blockchain framework. He also noted that the government was considering converting the city of Kigamboni as a smart city for blockchain technology.
This development is part of the recent directive by the nation's president Samia Suluhu Hassan who called financial regulators to work on implementing a cryptocurrency framework. Subsequently, the nation's central bank revealed that it was working on the directive with key stakeholders in the finance sector.
Cryptocurrencies are banned in Tanzania, but experts hope that the latest reforms can revive the failing blockchain sector. An expert revealed that blockchain technology is the fourth industrial revolution and can transform Tanzania into a central tech hub in Africa.
Tanzania is not the only African nation to explore blockchain technology. For example, Ethiopia signed a deal with blockchain project Cardano to launch an educational project for students. The partnership also included a digital register for the academic system that would see students' data uploaded on the blockchain.
Ghana also recently stated that it is in the final stages of deploying its digital currency to become a leading digital hub in Africa.
Do you think Tanzania's approach towards crypto adoption would result in positive results for the country?
