Samia Suluhu Hassan, President of Tanzania, has told the East African country’s financial chiefs to prepare for cryptocurrency, following El Salvador announcement of its adoption of Bitcoin as legal tender and among several other South and Central American nations signaling their readiness to jump on board.
President Hassan emphasized the increasing impact of digital assets on global finance, stating: “We have witnessed the emergence of a new journey through the internet.” She further stated that there is a lack of crypto acceptance and development in East Africa:
Throughout the region, including Tanzania, they have not accepted or started using these routes, my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.
English translation of President Hassan statement in the video (Via: E-LABZ) When it comes to finance, we have seen the emergence of online digital currencies i.e blockchain or cryptocurrencies. I know that many countries around the world, including Tanzania, have not started or accepted to start using digital currencies. However, I call upon the Bank of Tanzania to start looking into these developments and stay prepared. We don’t want to be caught unaware and find that our citizens have preceded us and have started using cryptocurrencies. I therefore urge the central bank to remain vigilant and stay prepared so we are not caught unawares by these development among our citizens.
President Hassan’s comments came after a slew of Latin legislators pushed for increased crypto acceptance in emerging markets.
While African politicians have been reluctant to acknowledge and support the crypto economy, the continent has long been a hub for peer-to-peer (P2P) Bitcoin trade.
According to Reports, Sub-Saharan Africa is the second-largest market for P2P trade after North America, with a weekly turnover of around $16.5 million.
Kenya is the second-largest peer-to-peer market in Africa, with more than $3 million in the weekly transaction, followed by Ghana ($2 million) and South Africa ($1.6 million). Meanwhile, Tanzania is ranked seventh in the area, with approximately $90,000 in commerce in the last seven days.
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