Tanzania on the move for crypto and bitcoin adoption

Tanzania may soon become the latest country to join the long list of nations that are gearing for crypto adoption.

According to local news outlet The Citizen, President Samia Sulhulu, in what looks like another move by a sovereign country to embrace cryptocurrency, has called their Central Bank to begin exploring the crypto sector.

Just a few days ago, El Salvador made the historic decision to accept bitcoin as legal tender and Paraguay seems to be on a similar path, showing that bitcoin is finally being recognized as more than just a “currency for the people of the internet.”

Digital assets now recognized by nations

In his announcement last June 14, the Tanzanian president said, “We have witnessed the emergence of a new journey through the internet. My call to the Central Bank is that you should start working on that development.”

She also added that while no East African nation has started accepting digital currencies, the Central Bank should do its part for potential adoption.

He emphasized that the financial institution should be ready for such big changes and should not be caught unprepared.

The leader also said that the increasing impact of digital assets including cryptocurrencies on global finance is enormous and can no longer be ignored.

Countries moving towards crypto adoption

In Mexico, lawmakers led by Eduardo Murat Hinojosa already started pushing for greater adoption of crypto as well as public support for its use.

While it is true that the African continent is still behind in the race to recognize and adopt the nascent digital asset, the region has accounted for massive peer-to-peer bitcoin trading for years.

The Sub-Saharan African country of Nigeria holds one of the highest volumes of bitcoin transactions globally, recording $8.5 million in bitcoin transactions weekly.

 

Image courtesy of Cointelegraph News/YouTube

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