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Tanzania is now opening its doors to Bitcoin and other digital assets. On the 14th of June, Tanzanian president Samia Suluhu Hassan encouraged the country’s central bank to start the required process needed to shift banking into the cryptocurrency space. According to president Suluhu, cryptocurrencies have significantly impacted global finance. She noted that the internet had given birth to the “emergence of a new journey.”
In addition, the Tanzanian president urged East African countries to embrace crypto assets. She stated:
“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.”
The President suggested that the world is currently in the crypto and blockchain era and implored the central bank to create a path for change.
Although African countries are slow in embracing cryptocurrencies, Nigeria is the second-largest country by peer-to-peer (P2P) Bitcoin trading with $8.5 million worth of transactions every week. Kenya is the second-largest P2P market in Africa, with over $3 million involved in weekly trades.
While Tanzania is about to explore cryptocurrencies, El Salvador has become the first country to legalize Bitcoin as a legal tender. El Salvador president Nayib Bukele passed the bill among members of the congress, receiving 62 votes from 84 members.
Image Credits: Pixabay
