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Tanzanian President Urges Central Bank to Prepare for Cryptocurrency

Source: https://bit.ly/2Ty9gRz

After El Salvador, the African country “Tanzania” is showing a tendency towards cryptocurrency adoption.

In her speech on Sunday, Ms. Samia Solo Hassan, President of Tanzania, urged the central bank to prepare for cryptocurrency, according to local media reports.

Although her comments were not direct, she said that the adoption of cryptocurrency and blockchain technology as a whole is increasing, and her country should pave the way for such developments.

Additionally, she pointed out that cryptocurrencies are the future of finance, and the East African country should take steps to change the attitude of the global banking industry.

President Samia said:

We have seen the launch of a new journey through the Internet.

I know that all over the world, including Tanzania, they have not accepted or begun to use these modern methods.

However, my call to the central bank is that it should start working on this development.

Bitcoin and Emerging Countries:

At a time when rich countries are worried about the rise of digital currencies and trying to curb the industry more and more, emerging countries are becoming the bearers of the digital currency torch.

Tanzania’s stance on the industry came days after El Salvador, a small Latin American country, granted Bitcoin the status of legal tender.

In addition, a few island nations have outpaced large economies in issuing their own central bank digital currency (CBDC) in partnership with private players.

However, it is not clear if Tanzania will consider legalizing Bitcoin or focus on developing a digital version of its fiat currency.

Meanwhile, Africa has remained a hotbed of cryptocurrency fraud and theft.

Countries like Nigeria are experiencing mass adoption of cryptocurrencies due to the country’s fragile economy.

Earlier, the Central Bank of Nigeria banned it from working with cryptocurrency exchanges, forcing crypto users to conduct their business on peer-to-peer platforms.

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