Bitcoin and crypto-adoption were all around last week and the trend looks to be going on this week as well. After the recent events of Nayib Bukele, President of El Salvador, who announced that Bitcoin was accepted as a legal money, the domino effect has been fostered by other Central and South American countries interested in its adoption. In view of this, Samia Suluhu Hassan, the President of Tanzania, stated her hope that her nation should not be left behind.
For some years now, Africa has been a crypt hotspot. Paxful said last year that Nigeria, the West African country, is the eighth largest market behind the USA and Kenya.
Although African populace are prepared to accept cryptocurrency, these new developments have not been welcomed by the governments. The main mechanism to purchase and sell cryptocurrencies on the continent is still P2P transactions.
President Hassan called for the central bank of the country's willingness to adopt cryptography during his speech at the Bank of Tanzania function this week. It recognizes the rising use of cryptocurrencies worldwide. In the speech, the President mentioned the delayed uptake of cryptocurrencies in East Africa. The President also remarked that it is crucial to develop this technology. Explaining that accepting cryptography helps ensure that the country is ready for future developments.
Why should Tanzania Work to Accept Crypto
Speaking on the rise of adoption by blockchain, President Hassan remarked, "We saw the rise of new adventures on the Internet. My appeal to the Central Bank is to begin working on this."
Hassan said that cryptocurrencies are not accepted or adopted significantly across the nation. It also pushed the country not just P2P transactions but also Bitcoin.
Crypto acceptance moves quickly. There is no question. Bitcoin purchases have begun by businesses like Tesla. Others such as DraftKings have said they want cryptocurrency as a mode of payment but are kept to a standard in the states in which they operate now. Leaders in Africa never appear to be leading the digital currency advocacy. Countries like Nigeria have banned digital currencies, but the people of the globe are never far behind. It is either allowed to keep up or be left behind by the financial institutions.
In Q1 2021 alone, in Bitcoin, Nigeria transacted $99.1 million. It is Africa's largest market for P2P Bitcoin. With $38.4 million, Kenya ranks second on the mainland. The third and fourth places are Ghana and South Africa, respectively, with $27.4 million and $25.8 million. The crypto-world has always focussed on countries which seize the chance to use crypt as a tool to progress towards economic prosperity. That's going to continue, no question.
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