Tanzanian Central Bank Advised By Head of the State to Look Into Crypto Option

CBDC Cryptocurrency News

Samia Suluhu Hassan, the head of the state for Tanzania, has advised the country’s central bank to look into the option of adopting crypto. The bank has been directed further to submit its proposal with regard to the crypto options directly with the President.

It seems as if El Salvador has set up a trend for others to follow. This is why most of the countries, especially in the North & Latin American and African regions, are appreciating El Salvador. But appreciation is not alone, in fact, these countries are willing to explore crypto space by officially adopting it.

Samia Suluhu Hassan, who is the President of Tanzania, while addressing the politicians said that it is time for embracing fintech. She said that a roadmap has to be put in place allowing the national banking sector to embrace innovation and technology, particularly crypto. Yet she admitted in her address that there is a lack of crypto believers in the country and therefore she wants the country’s central bank to examine crypto.

She added that crypto is not majorly accepted as means of trade and doing business in Tanzania. For this purpose, it is essential that the central bank’s assistance is required for carving a concrete plan. However, before doing that due diligence is required to be made whether the country can cope with crypto or not. If the examination is positive then the bank must keep itself ready for embracing crypto, suggested Samia Suluhu.

Nayib Bukele, head of El Salvador, was the first person who not only spoke positively about crypto but duly adopted it. After him, it was Samia Suluhu who too had spoken in favor of crypto and showed her willingness to adopt crypto nationally.

President Bukele attended the recent crypto conference which was held in Miami a week ago. During the conference, at the time of his address, he revealed his plans for Bitcoin at the national level. He told while speaking on behalf of El Salvador that the country thinks it can capitalize a great deal from Bitcoin mining. He suggested therefore that he would make sure that legal tender is granted to Bitcoin and its mining industry. He also said that he would facilitate investors in all aspects who would want to develop Bitcoin mining facilities in the country.

When Bukele went back to his country, the country’s lawmakers were waiting to present him the Bitcoin Bill. After seeking endorsement from the country’s President, the Bill was accordingly passed and Bitcoin was allotted legal tender. Now El Salvador is the first nation in the country which has officially recognized Bitcoin through legal tender. Since then the countries in Africa and North/Latin American regions too are planning to legalize Bitcoin and other digital assets.

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