Tanzanian President Samia Suluhu Hassan has urged the country’s central bank to be prepared for the use of digital currencies.
President Samia told the Bank of Tanzania on Sunday to be vigilant amid a rising interest and adoption of cryptocurrencies around the globe.
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.
“I know that many countries around the world have not accepted or started using digital currencies. However, I call upon the Bank of Tanzania to start looking into these developments just to be prepared.
“We don’t want to be caught unawares or find out later that our citizens are ahead of us and have already started using cryptocurrencies,” she said.
More and more countries now appear to be adopting Bitcoin and other cryptocurrencies into their country’s governing bodies, and definitely, Africa will not be left behind.
El Salvador last week became the first country in the world to officially classify a digital currency, Bitcoin, as legal currency.
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.
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.