Is Tanzania Next on Bitcoins List?

by Jun 29, 2021Bitcoin Adoption Worldwide0 comments

Huge news this week in Tanzania. The President of Tanzania just asked its central bank to look into digital assets and cryptocurrencies. Although she did not specifically call out Bitcoin directly to the public, one has to wonder. Is Tanzania next on Bitcoins list?

Tanzania To Call on Central Bank

The President of Tanzania did a public appearance and stated that she didn’t want her government to be caught off guard. El Salvador just passed a bill making Bitcoin a legal tender bill. Many other countries have perked up their ears, such as Mexico. Tanzania’s president realizes this is a great opportunity for her country as well. I think it’s great she is getting them to get going on researching the idea. There have also been numerous articles coming out stating Tanzania just reversed its November 2019 crypto ban. This is all starting to flow in a positive direction for this country economically. Again, one has to wonder is Tanzania next on Bitcoins list?

Digital Assets in Tanzania

Now could this country be doing a bait-and-switch? Are they going to go full blow into Bitcoin or giving the appearance? Who knows. I would probably suspect they are going to cross over and get their current dollar over to a digital asset or CBDC (central bank digital currency). I doubt any country will just give up their current banking systems in place. But just replace it with a digital asset that has a digital ledger to track all spending. I’m assuming their theory behind that is to make sure they are collecting all taxable income.

So let’s see how this all plays out with Tanzania in the coming months. El Salvador has been working for a long time on the Bitcoin adoption. So Tanzania might take a few years to implement this as well. And I’m sure the President of Tanzania will also want to see how El Salvador makes out with this new economic bill and if it helps their country out. So we shall see is Tanzania next on Bitcoins list?