Tanzania exploring Bitcoin and crypto assets in order to officially integrate them into the Central Bank system
Recently, we have seen many news articles on various governments trying to re-establish their stance on crypto. India, El Salvador, and Netherlands have been on the news because of their plans on how to integrate crypto in their respective countries. Especially developing countries are showing initiatives to integrate cryptocurrencies to their banking system. One of the recent examples is Tanzania. Tanzania’s president, Samia Suluhu Hassan, wants the country’s central bank to begin exploring Bitcoin and digital assets.
Why is this important? While bigger economies are still mostly reliant on traditional finance, emerging economies are in need of a new, more suitable financial system. Perhaps, the lack of well-established traditional financial systems in under-developed or developing countries is the reason why they want to jump on the bandwagon to make their economies function better in the current economic times.
Another reason is the population is already very much aligned with crypto currencies and trading. According to Yahoo Finance, Africa is leading peer-to-peer bitcoin trading volume, recording $17 million in May 2021. Compared to last year, it is showing a nearly 50% increase. The demand from the local people and popular use in the region is most likely the reason why the governments in Africa are jumping on board with crypto.
Overall, if we go through recent news, efforts for crypto adoption are growing rapidly. It is the next biggest thing to transform our lives after the invention of the internet. It is exciting to see the massive interest and efforts to adopt crypto from different governments. Potential benefits of officially integrating crypto is limitless, if executed correctly. Crypto-exchange platforms such as LATOKEN are already part of this movement by allowing traders to have safe and easy crypto transactions globally.
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