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After El Salvador and Tanzania crypto adoption, Tunisia Economy Minister to decriminalize buying bitcoin

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Shivangi Mujumdar Follow

INDIA

Jun, 15 2021

Jun, 15 2021

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Tunisia’s minister of economy has said over the weekend that he wants to change the law about cryptocurrencies. It judges people for mining cryptos and using them as payment. The country is working on changing its rules and regulations around cryptocurrencies and plans to decriminalize owning Bitcoin and crypto. The minister of economy said, “I will change the law, we cannot put a Tunisian young man in prison for buying Bitcoin.” 

  

Previously in 2020, Marouane Abassi, Governor of the Central Bank of Tunisia, stated that “we must follow” Bitcoin and the technology and arrange for effective monitoring of its use cases. 

 

Before 2020, Tunisia, along with Afghanistan, was observed to issue bitcoin-based bonds to benefit to save their ravaged economies. At the moment, Marouane stated that the country had shaped a special group to discover functionalities of a sovereign Bitcoin bond and that crypto and blockchain offers. 

 

In 2019, Tunisia became the first African country to move its national currency to a blockchain. 

 

Tunisia is presently in discussion with the International Monetary Fund (IMF) concerning a new program. It focused on the size of the loan as talks remain on reforms for the country’s troubled economy. 

 

?“eDinar” can be used to make currency transfers, pay for utility bills, and accomplish official government identification documents. It is also accessible to transfer between citizens at shops, cafes, and restaurants amidst the central bank’s plans. It will incorporate it in cross-border payments and circumvent the necessity for US dollars. 

 

It is debating phasing out support as Tunisia is since the gradual removal of subsidies on food, electricity, and natural gas by 2024. At present, the country may take some constructive steps for cryptocurrencies as more and more countries announce their support for crypto. 

 

El Salvador is one such crypto-friendly country that is all set to make Bitcoin legal tender and use volcanic geothermal energy to source the cryptocurrency. However, think tank Lobby New Zealand has sent a memo to Prime Minister Jacinda Ardern where he enquired about the New Zealand Government to identify Bitcoin as a foreign currency in eighty-six days. After Bitcoin has become legal tender in El Salvador. 


Related articles-


El Salvador becomes the first country to adopt bitcoin as legal tender


Related articles- After El Salvador, Tanzanian President orders its central bank to prepare for crypto ? 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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