Tanzania’s President Urges Central Bank to Prepare for Cryptocurrencies

Tanzania seems to be the latest emerging economy ready to embrace Bitcoin and crypto assets.

On June 14, Tanzanian president Samia Suluhu Hassan urged the country’s central bank to start exploring crypto assets. Hassan highlighted the growing impact of digital assets on global finance, saying:

“We have seen the emergence of a new journey through the internet.”

She highlighted the lack of cryptocurrency adoption and development in the East Africa region, stating:

“In the whole region, including Tanzania, they have not adopted or started using these new methods. My call to the Central Bank is that you should get on with that development. Central banks should be ready for changes.”

Hassan’s comments come from many Latin legislators who are pushing for greater adoption of cryptocurrencies in other emerging economies, including El Salvador, where Bitcoin is considered legal tender.

While African lawmakers have been slow to recognize and encourage the crypto economy, the region has been a hotbed for peer-to-peer (P2P) Bitcoin trading for years.

According to Useful Tulips, Sub-Saharan Africa is the second-largest region in terms of P2P transactions after North America, accounting for about $16.5 million in weekly volume.

Nigeria represents half the volume of the region, behind the US as the second largest country in terms of Bitcoin P2P trading with $8.5 million in BTC weekly. Kenya is Africa’s second largest peer-to-peer market with over $3 million in weekly trade, followed by Ghana with $2 million and South Africa with $1.6 million.

Tanzania ranks seventh in the region with a transaction value of nearly $90,000 in the past seven days.

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