The Tanzanian President urges the central bank to prepare for the use of crypto and blockchain
After El Salvador announced the introduction of Bitcoin as a legal currency and a large number of South and Central American countries signaled that they were ready to step in, Tanzanian President Samia Suluhu Hassan urged the central government of the Bank of China (BoT) to step in prepare for the use of cryptocurrency and blockchain for fear that slow buffalo will drink cloudy water.
The President issued the policy yesterday during the inauguration of the Central Bank of Tanzania building in the Mwanza region, stating that technological change and the development of globalization are causing many changes, including the financial sector.
President Samia Suluhu Hassan has asked 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 president said, “We have seen a new journey through the Internet take shape. I know the world, including Tanzania, has not yet accepted or started these expeditions. I urge the BoT to start developing immediately. The central bank should be prepared for changes so as not to embarrass itself from the lack of preparation. “
During the 2018 crypto winter, the BoT warned the public to exercise extreme caution when trading cryptocurrencies.
“The BoT considers the recent price increase of cryptocurrencies to be speculative. The risk of a sharp drop in prices is very high. Cryptocurrency investors should be aware that they risk losing all of their capital, “said the central bank of Tanzania with no trade ban.
According to the AZCoin News