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Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own Risk

Tanzanian Central Bank Governor: Cryptocurrencies Not Outlawed, Traders Should Invest at Own RiskThe Tanzanian central bank governor recently revealed that cryptocurrencies are not outlawed in the country but warned those dabbling in crypto-related investments that they do so at their own risk. Central Bank Open to Ideas The governor of the Bank of Tanzania (BOT), Florens Luoga, recently stated that the central bank has not outlawed cryptocurrencies […]

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An African Blockchain Enthusiast Launches Expedition That Seeks to Highlight East Africa’s Potential

An African Blockchain Enthusiast Launches Expedition That Seeks to Highlight East Africa’s PotentialWhile the African continent is generally viewed as one of the most ideally placed to embrace and fully exploit the blockchain, the reality on the ground suggests otherwise. The East Africa Blockchain Expedition As Adedayo Adebajo, the managing director of Jelurida Africa and a blockchain enthusiast told Bitcoin.com News, much of the focus in terms […]

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Tunisian Minister Says He Plans to ‘Decriminalize’ the Buying of Bitcoin

Tunisian Minister Says He Plans to ‘Decriminalize’ the Buying of BitcoinAfter reports that Tanzanian President Samia Hassan had asked her finance chief to look into cryptocurrencies, Tunisia has become the latest African country to signal a willingness to embrace digital assets. According to remarks attributed to Ali Kooli, Tunisia’s economy minister, the North African state will soon move to decriminalize the buying of bitcoin. This […]

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Tanzanian President Wants Central Bank Chiefs to ‘Prepare for Cryptocurrency’

Tanzanian President Wants Central Bank Chiefs to ‘Prepare for Cryptocurrency’Tanzanian President Samia Suluhu Hassan has urged her country to be ready for emerging fintech by paving the way for cryptocurrencies. She also urged the country’s central bank to begin the necessary preparations for a step-change in global attitudes towards banking. However, in her address of the Tanzanian finance chiefs, Hassan acknowledges that not everyone […]

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Tanzanian president urges central bank to prepare for crypto

Tanzania’s president wants the country’s central bank to begin exploring Bitcoin and digital assets.

Tanzania appears to be the latest emerging economy poised to embrace Bitcoin and crypto assets.

On June 14, Tanzanian president Samia Suluhu Hassan urged the country’s central bank to begin exploring crypto assets. Hassan emphasized the increasing impact of digital assets 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.”

“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.”

Hassan’s comments come on the heels of numerous Latin lawmakers pushing for greater crypto adoption in other emerging economies, including El Salvador — where Bitcoin has been mandated as legal tender.

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.

According to Useful Tulips, Sub-Saharan African is the second-largest region for P2P trading behind North America, representing roughly $16.5 million in weekly volume.

Related: Latin lawmakers don lazer eyes on Twitter in support of Bitcoin

Nigeria represents half of the region’s volume, ranking behind the United States as the second-largest nation by P2P Bitcoin trading with $8.5 million in BTC changing hands weekly. Kenya is Africa’s second-ranked peer-to-peer market with more than $3 million in weekly trade, followed by Ghana with $2 million, and South Africa with $1.6 million.

Tanzania ranks seventh for the region with nearly $90,000 worth of trade over the past seven days.

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