The president of Tanzania, Samia Suluhu Hassan has urged the country’s Central Bank to prepare for potential crypto adoption.
In a recent statement, Samia highlighted the development of the use and adoption of cryptocurrencies in many countries. She reminded that East Africa, where Tanzania is located, is not as advanced as other regions and urged those in charge of the financial sector to look into accepting digital currencies.
“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.”
President Hassan supports belief in cryptocurrencies because she believes they will shape the future of finance. She added that the Central Bank of Tanzania needs to work in this direction and take action as soon as possible.
“The Central Bank should be ready for the changes and not be caught unprepared.”
Tanzania and Other Countries Join El Salvador in Accepting Bitcoin
On June 9, 62 out of 84 officials decided to make El Salvador the first country to accept Bitcoin as legal tender. This means that nobody in Latin American countries has the right to refuse BTC payments. Many experts assume that other countries will follow El Salvador’s example. This is becoming a reality in African countries.
Earlier this year, the Central Bank of Kenya announced its intention to switch its base currency to Bitcoin. At the time, the country’s financial managers believed this move would solve the problem of the devaluation of the shilling, which has devalued nearly 50% against the dollar since 2010.
In addition to the devastating consequences of the COVID-19 pandemic, the governor of the Central Bank of Kenya, Patrick Njoroge, also accused the International Monetary Fund of weakening the national currency. He expressed hope that large digital assets can solve Kenya’s financial problems:
“Our decision to shift to Bitcoin is both tactical and logical. We are losing too much simply because someone at the IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”