Apart from El Salvador, this is the first time a country’s premier has openly acknowledged a serious acceptance of digital assets, and guided the central bank to pave the way for change.
Tanzania, June 14, 2021 /AlexaBlockchain/ – Tanzanian President Samia Suluhu Hassan has signaled towards decentralized currencies such as Bitcoin and other cryptos as the future of finance.
What happened? On June 14, Tanzanian president called on the Central Bank of Tanzania to begin exploring cryptocurrencies and blockchain. Hassan emphasized the increasing impact of cryptocurrencies on global finance, stating: “We have witnessed the emergence of a new journey through the internet.”
She highlighted the lack of crypto adoption and development in the East African region, stating: “Throughout the region, including Tanzania, they have not accepted or started using these routes.”
Hasan cautioned central banks to not be caught unprepared, she said:
“My call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”
Why does it matter? Tanzanian presidents crypto remarks come on the heels of numerous Latin lawmakers pushing for progressive crypto adoption in other emerging economies, including El Salvador — where Bitcoin has been approved as a legal tender. The trend clearly shows a massive change in the attitude towards a decentralized financial system.
Read More: El Salvador Passes New Law To Adopt Bitcoin As Currency
While bitcoin, crypto and blockchain adoption is growing unprecedented, regulators across the world are puzzled. They want to welcome blockchain but avoid cryptos. They are not ready to accept that currency which was their exclusive territory till now has become public.
Apart from El Salvador, this is the first time a country’s premier has openly acknowledged a serious acceptance of digital assets, and guided the central bank to pave the way for change.
It would be interesting to observe how other African countries spot an opportunity in blockchain and crypto adoption to boost economic development and safeguard financial stability for African governments.
Price Action: The president of Tanzania gave Bitcoin and other digital assets a much-needed shot in the arm after delivering positive news for the cryptocurrency market. Bitcoin was up over 9% in past 24 hours. Bitcoin was changing hands around $39,164 as of 10:34 am UTC Monday. Other top 10 assets were also trading in the green.
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