It’s Tanzania’s turn to gear up for crypto 

One of the latest emerging countries to start exploring the potential of bitcoin is Tanzania.

President Samia Suluhu has asked the nation’s central bank to study the potential of bitcoin if adopted on a massive scale.

This decision is in response to the east African nation’s lack of crypto adoption and development.

She said: “The Central Bank should be ready for the changes and not be caught unprepared.”

Irony in the region

One of the reasons behind Africa’s turtle-paced adoption of cryptocurrencies is the lawmakers’ lack of initiative and speed in passing policies that would support these currencies.

Tanzania is lagging behind other emerging countries that have already embarked on their bitcoin route. But the ironic thing is that the region is actually a hotspot for peer-to-peer (P2P) trading for years.

In fact, Sub-Saharan African is the second-largest region for P2P trading, just behind North America. Bitcoin ventures have become so lucrative in the region that it generates $16.6 million in weekly volume.

How other African nations are faring

Africa’s second-ranked peer-to-peer market is Kenya with more than $3 million in weekly trade, followed by Ghana with $2 million and South Africa with $1.6 million.

Nigeria, on the other hand, ranks as Africa’s second-largest nation by P2P trading, with $8.5 million in bitcoin transactions. Tanzania is seventh with nearly $90,000 worth of trade just this week.

Suluhu is now starting to put her country in a new direction, and has this to say for the country: “We have witnessed the emergence of a new journey through the internet.”

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/its-tanzanias-turn-to-gear-up-for-crypto/