Tanzania – The Next Crypto Hot Spot?

Samia Suluhu Hassan, president of Tanzania, is in office since March 2021. She is the sixth president of Tanzania after the former president, John Magufuli, died in March. Since then, the people of Tanzania have high hopes. This is because Samia represents modern politics.

She issued 29 orders so far, such as:

  • Collection of outstanding tax payments
  • Immediate filling of 6000 vacancies for teachers
  • Intensified fight against corruption and the relaxation of press censorship
  • Pregnant girls who have been banned from schools are allowed to return to class immediately

Even the opposition believes that she could make a difference.
Now Samia Suluhu Hassan urged Tanzania’s central bank to begin exploring crypto assets.

She stated:

“We have witnessed the emergence of a new journey through the internet. 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.”

Samia Suluhu Hassan, President of Tanzania

So, crypto could become a part of Tanzania’s new and modern politics.
Tanzania’s economy is thriving for years. In 2019, Tanzania’s GDP increased by 5.8%.

Crypto is a massive chance for countries at a developing stage.
Their currencies are often less powerful compared to USD or Euro. Last week f.e., El Salvador announced to recognize bitcoin as legal tender.

Blockchain technologies could improve countries’ infrastructures. Decentralized money, such as bitcoin or ETH, could make them more independent (in case they decide to put bitcoin or other crypto assets on their balance sheet).

It will be exciting to see if crypto gets established in Tanzania soon!

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