Tanzanian President Urges Central Bank to Prepare for Cryptocurrencies

The Tanzanian president wants the country’s central bank to start exploring Bitcoin and other cryptocurrencies.

June 14, 2021 | AtoZ Markets After El Salvador, Tanzania appears to be the lastest emerging economy willing to embrace Bitcoin and crypto assets.

On June 14, Tanzania’s President Samia Suluhu Hassan urged  the country’s central bank to start exploring crypto assets. Hassan emphasized the growing impact of digital assets on global finance , stating: “We have witnessed the emergence of a new journey over the Internet.”

He highlighted the lack of adoption and development of cryptoassets in the East African region , stating: “Across the region, including Tanzania, they have not accepted or started using these avenues.”

My wake-up call to the Central Bank is that it should start working on this development. The Central Bank must be prepared for changes and not be caught off guard.”

Hassan’s comments come after numerous Latino lawmakers pushed for greater adoption of cryptocurrencies in other emerging economies, such as El Salvador , where Bitcoin has established itself as legal tender.

Although African lawmakers have been slow to recognize and nurture the crypto economy, the region has been an avid hotspot for peer-to-peer (P2P) Bitcoin trading for years.

According to Useful Tulips, Sub-Saharan Africa is the second largest region for P2P trading behind North America, accounting for roughly $16.5 million in weekly volume.

Nigeria accounts for half the volume of the region, ranking behind the United States as the second largest nation in Bitcoin P2P trading: weekly $8.5 million in BTC changes hands. Kenya is Africa’s second P2P market, with more than $3 million in weekly exchanges, followed by Ghana, with $2 million, and South Africa, with $1.6 million.

Tanzania ranks seventh in the region, with exchanges of almost $90,000 in the last seven days.

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