“Be ready for changes and not be caught underprepared” was the message that President Samia Suluhu Hassan of Tanzania had for the country’s Central Bank during a speech on Sunday, in Mwanza.
President Suluhu who replaced former leader, Magufuli in March, is the first President in the continent to signal the possibility of adopting electronic currency as a legal tender. El Salvador is the only country that has adopted Bitcoin as legal tender. Some other south and Central American nations have also shown interest.
Speaking in Mwanza, President Samia Suluhu Hassan told financial chiefs in Tanzania, “I know that throughout the nation … they have not accepted or started using these routes. However, my call to the central bank is that you should start working on that development,” she said.
She pointed out that technology has stamped its authority and thus its position must not be underestimated. “We have witnessed the emergence of a new journey through the internet,” she declared.While acknowledging that Tanzania, like many countries, has not formally begun using Bitcoin, she tasked the Central Bank to start preparing itself for a possible revolution in the monetary arrangement.
Outside of El Salvador and a handful of neighbors, this is the first time a country’s President has openly acknowledged a serious acceptance of digital assets or a decentralized approach to banking.Economic commentators have opined that Africa is one of, if not the most promising region for the adoption of cryptocurrencies. This, they say, is due to its unique combination of economic and demographic trends. However, its current overall adoption is low.