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Bank of Tanzania to explore digital assets

Ghana vice president

TL;DR Breakdown

  • Bank of Tanzania to explore digital assets
  • Other Central Banks exploring cryptocurrency

The cryptocurrency industry continues to grow as more financial institutions, global organizations and government-controlled Central Banks including the Bank of Tanzania are showing interest in the project.

In an interesting development, Samia Suluhu Hassan, Tanzania’s president has taken interest in digital currency instructing the Bank of Tanzania to begin exploring digital assets.

Samia Suluhu Hassan, who is Tanzania’s first female president urged the country’s central bank (Bank of Tanzania) to analyze and start developing strategies for the adoption of cryptocurrencies, so as not to be caught underprepared.

According to her, there is a growing influence of digital assets on global finance and although the East African region might be behind in the crypto adoption race. She believes the Bank of Tanzania should be ready for the changes and not be caught unprepared.

Hassan further disclosed that she strongly believes in cryptocurrencies. Adding that she personally thinks that digital assets will shape the future of finance she noted that the Bank of Tanzania must carry out actions to ensure the country is prepared for the journey.

Bank of Tanzania and other Central Banks exploring cryptocurrency

It worth noting that Tanzania’s president lauded what is happening in El Salvador after the country adopted Bitcoin as legal tender and announced plan to utilize geothermal power to develop a plan that would allow Bitcoin miners to mine Bitcoin in a cheap, zero-emissions energy, 100% clean and 100% renewable, way.

However, like Tanazia other African countries have shown interest in adopting digital currency one way or the other. Kenya’s Central Bank recently disclosed its intentions to switch its base currency to Bitcoin.

Patrick Njoroge, the governor of Kenya Central Bank notes that the move was to revive the economy which he said was deliberately being weakened by the International Monetary Fund (IMF).

At the time, the financial executives of the country evaluated that the move to switch its base currency to Bitcoin would solve the problem of its depreciating currency.

Also, South Africa’s financial regulators have announced plans to lay the groundwork for the “phased and structured” regulation of cryptocurrencies. According to the report, the country’s Intergovernmental Fintech Working Group intends to introduce a regulatory framework that will center on crypto asset service providers.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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