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After El Salvador, the Tanzanian President orders its central bank to prepare for crypto

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Shivangi Mujumdar Follow

INDIA

Jun, 14 2021

Jun, 14 2021

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Tanzania’s president ordered the country’s central bank to start exploring Bitcoin and digital assets. She seeks to be the modern emerging economy dignified to embrace Bitcoin and crypto-assets.  

 

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She highlighted the shortage of crypto adoption and expansion in the East African region, affirming: “Throughout the region, along with Tanzania, they have not recognized or started using these routes.” 

 

On June 14, Tanzanian president Samia Suluhu Hassan advised the country’s central bank to commence exploring crypto assets. Hassan highlighted the increasing influence of digital assets on global finance, specifying: “We have witnessed the emergence of a new journey through the internet.” 

 

Hassan’s remarks come on the heels of several Latin lawmakers pushing for greater crypto adoption in other emerging economies. Along with El Salvador stating that Bitcoin has been mandated as legal tender. 

 

Though African legislators have been slow to identify and encourage the crypto economy, the region has been a hotspot for peer-to-peer (P2P) Bitcoin exchange for years. 

 

President Samia Suluhu Hassan has called on the Central Bank of Tanzania to arrange for the use of cryptocurrencies. The President has issued the directive formerly nowadays while inaugurating the Central Bank of Tanzania building in the Mwanza Region, asserting that technological change. The growth of globalization is making various changes, including in the financial sector. 

 

Though, her call to the Central Bank is that you would start working on that development. The Central Bank should be prepared for the changes and not be caught unprepared. 

 

Nigeria signifies half of the region’s volume, ranking after the United States as the second-largest nation by P2P Bitcoin trading with $8.5 million in BTC. Kenya is Africa’s second-ranked peer-to-peer place with more than $3 million in weekly trade. It was followed by Ghana with $2 million and South Africa with $1.6 million. Tanzania rank is 7th for the region with closely $90,000 worth of trade over the past seven days. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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