The second country to officially recognize Bitcoin!
The cost of transferring money to Tanzania from abroad was 19.7 percent, which led the country to start working to popularize Bitcoin. The cost of these remittances to Tanzanians, who sent 409 million dollars to their country from abroad last year, was approximately 80.5 million dollars. If these transfers were made in Bitcoin, the cost would have been $11.9 million instead of 88.2. In other words, 76.3 million dollars would remain in the pockets of the citizens. The reduction in costs would perhaps encourage more people to send money back home.
Hassan stated that many countries in the world do not accept digital currencies, but the Central Bank of Tanzania should be closely interested in these developments in order to be ready, “The era of crypto and blockchain is dawning.” said.
Tanzanian President Samia Suluhu Hassan has instructed the country’s central bank to prepare for the use of cryptocurrencies.
According to the news of The Citizen newspaper, Hassan pointed out that the interest in crypto money has increased in the world and asked the Central Bank of Tanzania to start the necessary studies in order not to be caught unprepared.