President Of Tanzania Calls Africa To Adopt Cryptocurrencies

TECH DIGEST – The President of Tanzania, Samia Suluhu Hassan has encouraged the country’s central bank to indulge in cryptocurrencies. The President made it clear that while African citizens have been using crypto assets for P2P transactions, the continent is yet to utilize the full potential the cryptocurrency market has to offer, Coinquora reports.

Hassan made mention of El Salvador, the country that just adopted Bitcoin as legal tender. She draws El Salvador as an example to further give light to the fact that Africa is taking a backward approach if it is yet to accept cryptocurrencies and explore their potential. Asides from the adoption of Bitcoin as a legal tender, El Salvador has also begun executing a plan to mine Bitcoin with the geothermal power of its volcanoes.

President Hassan also noted the increasing impact of cryptocurrency assets on the global structure of finance. She stated, “We have witnessed the emergence of a new journey through the internet.”

She has instructed the Tanzanian Central Bank to begin to work on developing these new technologies. She stated that this must be a priority so the nation will not be caught by surprise when the world decides to make sudden changes for the future.

Asides from African countries, other countries are already prepping their governments to explore and gain from the potential that cryptocurrencies have to offer. Panama and Paraguay have begun hinting at the possible adoption of Bitcoin and other altcoins as well.

While African legislators have been slow to recognize and encourage the crypto economy, the region has been a hotspot for peer-to-peer (P2P) Bitcoin trading for years. So far, parts of Africa are already leading in P2P cryptocurrency trading with Nigeria alone contributing up to $8.5 million in trading BTC via P2P transactions. Kenya follows next with $3 million, Ghana with $2 million, and then, South Africa with $1.6 million.

The President has stated significant facts which have made her case for the exploration of cryptocurrencies. While advanced nations are looking to control and some, looking to outlaw the fast-rising market, the President is appealing to African nations to explore the market and take advantage of what it has to offer before African nations are caught by surprise when the whole world begins to adopt the cryptocurrency standard.