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Author Topic: Growing emergence of Bitcoin and cryptos in Tanzania  (Read 93 times)
aysg76 (OP)
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June 14, 2021, 02:54:08 PM
 #1

Bitcoin has came a long way struggling to rise and facing criticism of government and bankers around the world who think of it and cryptocurrencies as bubble but now it is changing around the globe.Bitcoin has gained quite a popularity and countries like El Salvador has adopted it as legal tender and other countries are also on the same path.

There is one such country who has opposed and put a ban on usage of Bitcoin and other cryptos in 2019 and that country is Tanzania.On November 12,2019 the central bank ,Bank of Tanzania issued a public notice restricting residents from trading into virtual currencies.



The possible reasons they gave it for such ban on virtual currencies was as follows:

Quote
Although the BoT has not expressly stated its reasons for banning the use of cryptocurrency, the most common reasons advanced for banning cryptocurrencies in other jurisdictions are as follows:

 Virtual currencies are traded on unregulated exchanges, and customers who lose money on such exchanges have no legal redress.
Cryptocurrencies have no underlying assets and their value is speculative in nature. This may result in high volatility, exposing users to potential losses.
Cryptocurrency transactions and accounts are not connected to real-world identities, a phenomenon known as ‘pseudonymity’. Experts argue that this could promote money laundering and fraudulent activities.

But now after 2 years they have gained some lessons and considering to reverse their decision taking example from El Salvador,Iran and others.This is so because the new Tanzanian President "Samia Suluhu Hassan" has asked the banks to work on the use of cryptocurrencies. Here is what she has to say of this statement.
Quote
We have witnessed the emergence of new journeys through the internet...My call is to work on that development (cryptocurrencies)

The main crypto is Bitcoin in this market and they all have focus on making it assest class as many countries are joining the list soon.

Tanzania is a small South African country roughly with a population of 62 million and 49 licensed banks in operation there.So countries are ready to accept the fact that Bitcoin and other top altcoins can boost their economy and now realising it's true importance.

So who is next ?

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June 14, 2021, 03:00:52 PM
 #2

Tanzania is a small South African country roughly with a population of 62 million and 49 licensed banks in operation there.So countries are ready to accept the fact that Bitcoin and other top altcoins can boost their economy and now realising it's true importance.
Not sure if they're realizing its “true importance”, they could acknowledge it two years ago, what did it change their mind? I believe that El Salvador kicked first and I'm sure more countries will follow, but hold your breath; they probably observe profits from this decision.

So who is next ?
Hopefully, India.

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June 14, 2021, 04:16:54 PM
 #3

and eventually more and more countries started accepting bitcoin and legalizing it. Not only legalizing, but also developing bitcoin and providing a valid legal basis for the use of bitcoin in the country. Elsavador, Iran, Tonga and then followed by Tanzania are real examples of real implementation of Bitcoin adoption. Cryptocurrencies are able to develop the country's economy for the better with proper management. Several studies need to be done to be able to apply and legalize Cryptocurrency in developing or developed countries.

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June 14, 2021, 04:36:03 PM
 #4

Hopefully adoption as legal tender just goes on from here; been hearing a lot of rumours concerning other countries a lot lately(though then again, they're just rumours). Seems like El Salvador kicked the first domino to start it off. 👀



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June 14, 2021, 04:49:41 PM
 #5

It's good to see a government is willing to learn from its mistakes and work towards making things right. Majority of the governments wouldn't do that even after realizing their mistake just to satisfy their ego.

Also it's a point to note that their president has directed Bank Of Tanzania to work toward the inclusion of cryptos. That's not the structure majority of the countries follow. In financial matters, usually central banks have the final say. But really happy to see such progress.

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June 14, 2021, 05:57:45 PM
 #6

At least Tanzanian government has the audacity to admit to their mistakes, made a U-turn statement and make it public. As I have been saying before, those countries who are against bitcoin or crypto's in general will be left out in the closet. Maybe this is what they are thinking, if they kept themselves away for this emerging technologies, while the rest of the neighbouring countries are welcoming it, they are going to miss out on something big if they insisting on a total ban.

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June 14, 2021, 06:04:42 PM
 #7

Good to see more countries are keeping roles in Bitcoin adaption. Those countries ban cryptocurrency especially Bitcoin, I have to say they have lack of knowledge about Bitcoin. But when they realize that Bitcoin is a potential cryptocurrency and know about its technology then they change their mind. Most probably they don't want to stay back, that's why moving forward to Bitcoin adaption. No one could stop or prevent Bitcoin from using it. So I think it's better to accept, so the government could get tax from users.

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June 14, 2021, 06:17:28 PM
 #8

It's not always about boosting their economic situation but it's also about the growth and the possibilities that they will miss out on if they won't have good usage regarding cryptocurrencies.
I do think you can take example of Elon musk only. He is again working towards adopting Bitcoins and saying how they only sold 10% etc. Even they have realized that the world is becoming Bitcoin friendly for a reason. They will miss out on a lot ! It's better to give Bitcoins a chance.
What Tanzania did was very thoughtful. It is a small country in need of many more reforms and great ideas, Bitcoins is one of them ! They can also use solar power to do mining just like how El Salvador is using volcanic power here.
The more governments will accept Bitcoins , the stronger it will become overtime.

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June 14, 2021, 07:11:33 PM
 #9

In same vain Nigerian government too is making a U-turn after banning cryptocurrencies some few months a go link: https://www.aljazeera.com/economy/2021/3/25/nigerias-crackdown-on-bitcoin-echoes-global-crypto-conundrum with the latest new development the same CBN is launching a digital currency link: https://www.coindesk.com/nigerias-central-bank-may-launch-a-digital-currency-pilot-in-2021?amp=1
and has come out debunk their earlier claim of banning trading Bitcoin and other cryptocurrencies related operations, of course since the ban majority of crypto enthusiasts and traders had switched over to P2P form of trading, I am sure CBN will still review the ban now that the Tanzanian government is adopting Bitcoin

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June 16, 2021, 12:24:03 AM
 #10

We're starting to see things like this happening in smaller countries. Take the recent news out of El Salvador as another example. Even though these are smaller countries, I believe all of this is great for BTC and strengthens the idea that Bitcoin (and many other cryptocurrencies) aren't going anywhere. Give it time and we'll start to see more countries opening up to Bitcoin and other cryptos.
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