President of Tanzania Calls Africa to Rally For Crypto

3 months ago 22
  • Tanzanian President urges the nation to adopt Bitcoin for more than just P2P transactions.
  • She says the potential of cryptos is yet to be explored by most of Africa.
  • Nigeria is currently the leading nation in the continent for P2P Bitcoin transactions.

As more and more countries adopt Bitcoin and other cryptos into their country’s governing bodies, Africa will not be left behind. In particular, the President of Tanzania, Samia Suluhu Hassan is encouraging the nation’s central bank to indulge in cryptos.

She made it clear that while African citizens have been using crypto assets for P2P transactions, the nations are yet to fully adopt other greater possibilities. For instance, El Salvador has just made Bitcoin a legal tender in its nation.

Moreover, it has also begun executing a plan to mine Bitcoin with the geothermal power of its volcanoes. Specifically, Hassan draws light to the fact that East Africa is yet to accept crypto and explore its potential. This includes Tanzania.

Above all, Hassan notes the increasing impact of crypto assets on the global structure of finance. She says, “We have witnessed the emergence of a new journey through the internet”.

Hence, she tells the Central Bank that it must begin to work on developing this new technology. Mainly, she states that this must be a priority so the nation will not be caught in a surprise when the world decides to make sudden changes for the future.

Meanwhile, other countries are already prepping their governments to explore and gain from the potential that cryptos have to offer. Panama and Paraguay have begun hinting at possibly adopting Bitcoin and cryptos as well. So far, parts of Africa are already leading in P2P crypto trading. In fact, Nigeria alone contributes up to $8.5 million in trading BTC via P2P transactions. Kenya follows next with $3 million, Ghana with $2 million, and finally, South Africa with $1.6 million.

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