Tanzania’s leader has urged the nation’s central bank to start looking into the significance digital currency assets may have in the national economy, putting Tanzania on track to increase encouragement for digital assets.
President Samia Suluhu Hassan emphasized the rising importance of digital assets in international finance, implying that cryptocurrency may play a role in the development of Tanzania’s economy.
“We have witnessed the emergence of a new journey through the internet.”
She noted there was a chance for the nation’s central bank to go ahead in defining its framework for digital assets, despite the lack of acceptance for cryptocurrency in the East African area thus far.
“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.”
The remarks come at a time when developing markets are becoming more interested in digital currency and digital assets. Several countries in Latin America, for instance, have expressed a desire to adopt digital assets more tightly, especially El Salvador, which will recognize BTC as legal money given its unfitness for payments.
Although P2P digital currency trading has been prevalent in East Africa for a period of time, African legislators have been slower to react to the rising interest in digital money. As per some statistics, Sub-Saharan Africa is second only to North America in terms of P2P trade volumes, with up to $16.5 million being handled each week.
Nigeria accounts for $8.5 million of the region’s weekly volume, with Kenya ($3 million) and Ghana ($2 million) accounting for the majority of the rest.