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Tanzania takes steps to cryptocurrency implementation

Jun 21, 2021

After Bitcoin received legal tender status in El Salvador, Tanzania has also made steps towards wide-spreading Bitcoin usage. According to local media reports, this Sunday, 13.06.2021, Tanzanian president, Saami Suluhu Hassan, gave a speech, in which she urged the central bank to start preparations for cryptocurrency implementation.

She stated, that it is impossible to ignore the fact, that cryptocurrency and blockchain technology as a whole is on a rise and in terms of keeping up with the modern world, Tanzania has to pave the way for development of abovementioned technologies.

Moreover, she said that cryptocurrencies may evolve into the future of finance and it is up to East African nation to take steps to change the attitude of global banking industry.

“We have witnessed the emergence of a new journey through the internet,” said President Hassan. “I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development.”

While first world countries are unsure whether the rise of digital currencies is a positive factor, emerging nation kindle the bonfire of cryptocurrency expansion. Tanzania’s stance towards the Bitcoin may have been inspired by the experience of El Salvador – small Latin American country, which prompted Bitcoin to a status of a legal tender.

Currently Africa remains a prospect zone for cryptocurrency development – for example, countries like Nigeria, are undergoing mass cryptocurrency adoption process due to country’s failing economy. Recently, Nigerian central bank barred lenders fromworking with crypto-exchanges, which forced crypto users to conduct their business on peer-to-peer platforms.

Also, a few island nations, such as the Republic of the Marshall Islands, are pressing forward with a plan to issue its own cryptocurrency and make it a legal tender along with US dollar.

Even though Tanzanian President’s speech was a positive sign for cryptocurrency admirers, it is still unclear what politics Tanzania will stick to – Bitcoin legitimization or development their own fiat’s digital version.
As our editorial office is being positive on cryptocurrency development, we are totally backing the path that Tanzania intends to take, as it may have positive effect not only for cryptocurrency industry as a whole, but also boost Tanzanian economy.

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