Most of us are aware that some African governments have not yet accepted Cryptocurrencies in their countries for various uses, but Hon. Samia Suluhu, the president of the United Republic of Tanzania, has become the first president in the East African region to accept Cryptocurrency by publicly announcing during her speeches in Mwanza city, Tanzania! This report has brought great comfort to Crypto users in Tanzania because they were finding it difficult to buy and sell Crypto on some of the major exchanges including Binance, Coinbase, Kucoin, and others. But it is clear that after this report we will be able to see large payment companies within Tanzania forming joint ventures with some exchanges to provide relief to Crypto stakeholders in Tanzania in buying and selling Crypto using their native currency, TZS.
President Samia (Tanzania President) has told the Central Bank of Tanzania (BOT - Bank Of Tanzania) to prepare to receive Cryptocurrencies because it is likely that its citizens need them! You can read the full report HERE. It is clear that the people of Tanzania need Cryptocurrency to be approved by their government because if you look at some peer to peer exchanges like Localbitcoins, Paxful, and Remitano you will find that there are thousands of Tanzanians who trade Crypto in those exchanges and have a trading volume of more than a million USD in 24 hours in general!
Now let's look at the reality, the total trading volume of all Tanzanian traders in P2P exchanges exceeds 1m USD, and this is because the TZS currency is not listed on almost all major exchanges including Binance and others. As a result, many Tanzanian traders find it difficult to buy and sell Crypto in regular exchanges using their native currency, and that is why they put all their capital into P2P exchanges! Now imagine if some of the major exchanges would list TZS currency and enable Tanzanian traders to buy and sell Crypto using their currency?! It is clear that the Crypto market will be affected by some increase, even by a small percentage, they just have to start a joint venture between exchanges and payment companies in Tanzania like Pesapal, M-Pesa Tanzania, Airtel Money, Tigo Pesa, and others. I say this because at the moment it will no longer be difficult to have a joint venture because the one who accepted Crypto in Tanzania is the president herself, Hon. Samia Suluhu.
This is good news and could affect even some other African countries taking action about Cryptocurrencies in their governments. Some governments refuse to accept Crypto in their countries because they fear the loss and fraud that are talked about and happening every day in the Crypto world, but the reality is that no business that is just profitable every day! Loss, fraud, all are everywhere but criteria and good education will help reduce those disasters, and that is why Hon. Samia Suluhu has sent Crypto experts to the central bank of Tanzania for Crypto education before accepting it in her country.
I look at this information very broadly, I see great and positive things will happen in Crypto markets at this point! The Government of Tanzania is currently developing its strategies to run Crypto in their country, I believe in this we will see new major Crypto investors from Tanzania and will bring benefits not only to Tanzania but to all stakeholders in Africa and even other continents.
I hope to see a lot of great things being done by mother Samia Suluhu in terms of technology, I hope to see mother Samia bring Tanzania to the highest level!
Posted Using LeoFinance Beta
This is good news. What are the chances of an Eastern African country making Bitcoin legal tender?
Posted Using LeoFinance Beta
I think the chances can be huge! But it will depend on the opportunities they see within crypto after receiving education from different crypto experts.
Posted Using LeoFinance Beta
Very low.
Congrats there! Hopefully the rest of East Africa follows suit soonest.
I hope so! It would be a very good thing.
Posted Using LeoFinance Beta