Tanzania's president has urged the central bank to become ready for cryptocurrency.

Tanzania's president wants the central bank to start looking into Bitcoin and other digital assets. Tanzania looks to be the most recent emerging market to adopt Bitcoin and other digital currencies.



Tanzanian President Samia Suluhu Hassan requested the country's central bank to investigate crypto assets on June 14. “We have witnessed the creation of a new journey through the internet,” Hassan said, emphasizing the growing importance of digital assets on global finance.

She emphasized the absence of crypto acceptance and growth in East Africa, saying, "Throughout the area, including Tanzania, they have not adopted or begun to use these means.

Hassan's remarks came as a slew of Latin legislators pushed for more crypto acceptance in other emerging markets, like El Salvador, where Bitcoin is now legal cash.

While African policymakers have been hesitant to acknowledge and promote the crypto economy, the continent has long been a hub for peer-to-peer (P2P) Bitcoin trade.

According to Useful Tulips, behind North America, Sub-Saharan Africa is the second-largest market for P2P trade, with around $16.5 million in weekly activity.

Nigeria accounts over half of the region's volume, placing second only to the United States in terms of P2P Bitcoin trading, with $8.5 million in BTC changing hands per week. With more than $3 million in weekly commerce, Kenya is Africa's second-largest peer-to-peer market, followed by Ghana ($2 million) and South Africa ($1.6 million).

Tanzania is ranked eighth in the area, with approximately $90,000 in commerce in the last week.

 

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