Tanzanian president urges central bank to explore crypto

East African country Tanzania appears to be the latest emerging economy to embrace Bitcoin and crypto-assets.

Tanzanian president urges central bank to explore crypto

On June 14, President Samia Suluhu Hassan urged the country’s central bank to start exploring crypto assets.

Samia noted the emerging impact of cryptocurrency and digital assets on global finance. “We have witnessed the emergence of a new journey through the internet,” she said.

She highlighted the bare presence of crypto 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,” she stated.

While African lawmakers seem slow to recognize and encourage the crypto economy, the region has been a hotspot for peer-to-peer (P2P) Bitcoin trading for years. The sub-Saharan African region is the second-largest region for P2P trading after North America, representing roughly $16.5 million in weekly volume.

Nigeria represents half of the region’s volume, ranking after the United States as the second-largest nation by P2P Bitcoin trading with $8.5 million weekly in BTC. 

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.