Tanzania appears to be the latest emerging economy poised to embrace bitcoin and crypto assets.
Tanzania’s President Samia Suluhu Hassan on June 14 urged The country’s central bank to start exploring crypto assets. Emphasizing the growing impact of digital assets on global finance, Hassan said: “We have seen the emergence of a new journey through the Internet.”
She highlighted the lack of crypto adoption and development in the East African region, stating: “The region as a whole, including Tanzania, has not accepted or started using these routes.”
“My call to the Central Bank is to start working on that development. The Central Bank should be ready for changes and not be caught unprepared.”
While African legislators have been slow to recognize and encourage the crypto economy, the sector has been a hotspot for peer-to-peer (P2P) bitcoin trading for years.
According to useful tulipsSub-Saharan Africa is the second largest region for P2P trading after North America, representing approximately $16.5 million in weekly volume.
Nigeria represents half of the region, with $8.5 million in BTC changing hands weekly, ranking as the second largest country behind the United States by P2P bitcoin trading. Kenya is the second peer-to-peer market in Africa 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 nearly $90,000 worth of trade in the past seven days.