Cryptocurrency adoption is coming
Tanzanian president Samia Suluhu Hassan told the central bank earlier today to prepare for cryptocurrency adoption. She pointed out that the apex bank needs to start exploring cryptocurrencies and other digital assets.She stated that the central bank must put in place the necessary things to prepare it for change in global attitudes towards banking. “We have witnessed the emergence of a new journey through the internet. I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, 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 61-year-old pointed out that the age of crypto and blockchain is coming closer, and Tanzania needs to be prepared for the coming changes. If Tanzania officially adopts cryptocurrencies, it would be the first African country to do so.
More countries are opening up to cryptocurrencies
This latest development comes after a series of positive news from Latin America last week. El Salvador became the first country in the world to officially adopt Bitcoin as a legal tender. This means that citizens of the country can pay for goods and services in BTC. They can also take care of other transactions such as paying their taxes and more using the leading cryptocurrencies.Other Latin American countries that are looking at Bitcoin in a positive light include Panama, Brazil, Colombia, Argentina, Mexico and Paraguay. India could cancel its expected crypto ban and classify Bitcoin as an asset class instead.
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