Tanzania seems to be the latest new economy giving up bitcoin and cryptoassets.
On June 14, Tanzania’s President Samia Solo Hassan called on the country’s central bank to start studying cryptocurrencies. Hasan highlighted the growing impact of digital assets on the global economy, saying: “We are witnessing a new path through the Internet.”
She highlighted the lack of adoption and development of cryptocurrencies in the East African region and said: “In the whole region, including Tanzania, they have not adopted or started using these methods.”
I ask the central bank to start working on this development. The central bank must be ready for change and not be unprepared. ”
Hasan’s comments followed several Latin lawmakers pushing for wider adoption of the cryptocurrency in other emerging economies, including El Salvador, where Bitcoin has been declared a legal tender.
While African lawmakers 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.
Sub-Saharan Africa is the second largest P2P trading region after North America, with nearly $ 16.5 million in weekly volume, according to Useful Tulips.
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Nigeria accounts for half of the region and is second only to the United States as the second largest country of P2P Bitcoin with $ 8.5 million in Bitcoin traded weekly. Kenya is Africa’s second largest peer-to-peer market with over $ 3 million in weekly trade, followed by Ghana with $ 2 million and South Africa with $ 1.6 million.
Tanzania ranks seventh in the region with a turnover of $ 90,000 in the last seven days.