President of Tanzania Calls On The Central Bank To Prepare For The Use Of Cryptocurrencies And Blockchain

By Tsunami On Jun 14, 2021

Fresh on the back of El Salvador announcing its adoption of Bitcoin as legal tender, coupled with a slew of south and central American nations signaling their readiness to get on board, President of Tanzania Samia Suluhu Hassan told the East African nation’s financial chiefs to prepare for cryptocurrency.

She called on the Central Bank of Tanzania (BoT) to prepare for the use of cryptocurrencies and blockchain, as it may come at a time when changes taking place elsewhere have entered Tanzania. The President issued the directive yesterday while inaugurating the Central Bank of Tanzania building in Mwanza Region, stating that technological change and the growth of globalization are making many changes, including in the financial sector.

President Samia Suluhu Hassan has called on the Central Bank of Tanzania to prepare for the use of cryptocurrencies and blockchain. pic.twitter.com/Qc4zJo1GWU

— AZCoin News (@azcoinnews) June 14, 2021

The 61-year-old said: “We have witnessed the emergence of a new journey through the internet. I know that in the country, including Tanzania, they have not accepted or started using these trips. However, my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared.”

In 2018, BoT has warned the public to act with extreme caution when trading in cryptocurrencies.

“BoT considers the recent surge in the prices of cryptocurrencies to be driven by speculation. The risk of a sharp reduction in prices is high. Investors in cryptocurrencies should be aware that they run the risk of losing all their capital,” the Central Bank of Tanzania said.

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