Categories: Technology

President Samia Hassan hints at possible crypto adoption

Tanzania President Samia Suluhu Hassan’s speech about cyber currencies has given Bitcoin a chance after she said she’s open to the idea of integrating bitcoin (BTC) and other cryptos into the nation’s economy.

The speech was made several months after El Salvador announced the potential adoption of Bitcoin as a legitimate tender payment system with indications that other Latin and Central American nations may also try the currency.

Speaking in Mwanza, President Samia Suluhu Hassan urged the Central Bank (BoT) to be prepared for the use of online currency, saying the time for online currency has come, so it is important to start preparations to allow for that change.

She however cautioned people to be aware of scams and online programs that may cause them to lose substantial amounts of money.  A recent Quantum AI review carried out by experts revealed that there are now a lot of get rich quick services that do not deliver returns promoted on their websites.

Without getting into much detail about the trending Quantum AI stories, President Samia said the Central Bank of Tanzania should begin significant preparations for a step-by-step change in global attitudes towards banking, choosing online currencies as the future of finance.

“We have witnessed the emergence of a new era through the internet. I know that various countries including Tanzania have not accepted or started using these methods. But my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for change and not be found unprepared, ” she said.

In addition to El Salvador and a few neighbouring countries, this is the first time the President of any country in the world has openly discussed the use of crypto currencies.

President Samia’s statement comes in line with recent comments from Elon Musk who has been a major influence on Bitcoin prices since its inception more than a decade ago.

Last year, the Tesla leader said his electric car company will accept Bitcoin as a payment method.

But the 49-year-old entrepreneur was blamed by a Coin Telegraph article that quoted Magda Wierzycka, CEO of financial services company Sygnia as saying the billionaire could lend himself in trouble for market manipulation.

Mobile Financial Services Hailed

Tanzania has been hailed as one of the leading countries in the continent in offering mobile financial services. A statement issued by the Directorate of Communications at the White House quotes a statement from the World Bank stating that Tanzania is one of the world’s largest markets for mobile financial services.

The report adds that the Government of Tanzania has invested heavily in the Information and Communication Technology (ICT) system compared to other countries in the world.

According to the WB Chief Economist, Central Bank, Prof Kaushik Basu, in the region, Kenya is leading the way through the M-Pesa system in an area that a few years ago was not even attempted by the world’s richest countries.

“We are in the midst of a major technological revolution, the effects of which are still very difficult to predict. And these are activities that a few years ago did not even have a name, but now the internet and digital technology are changing the social and political life of human beings, ”said Professor Basu.

At the Digital Summit held at the United Nations (UN) offices Basu said M-Pesa is a model from Africa that has been emulated by all countries in the world.

The conference is part of a series of discussions on New Development Goals (NDG’s) that replace the Millennium Development Goals (MDG’s) whose 15-year implementation period has come to an end.

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