Bitcoin Has Caught the Attention of Bank of Tanzania

One of those areas seeing bitcoin expansion is that the United Republic of Tanzania. Due to the growth in interest towards bitcoin from Tanzanian citizens the Bank of Tanzania governor, Benno Ndulu, expressed some concerns about the decentralized money this week.

Currently, online hunts for the decentralized cryptocurrency bitcoin are trending considerably inside the Eastern and Southern African regions. There is significant interest in areas like Nigeria, Kenya, and Tanzania and those areas have a plethora of ways to obtain bitcoin. In Tanzania especially, Localbitcoins volumes have grown exponentially since last Spring as well as the nation’s central bank is starting to take note.

Bitcoin Caught Attention of Bank of Tanzania
Bank of Tanzania (BoT) governor, Benno Ndulu.

This week the governor of the Bank of Tanzania (BoT) Benno Ndulu told the nation’s local newspaper, the Guardian, which Tanzanians should know about the dangers associated with digital monies.

“We all know about cryptocurrencies, but as a government, we would like to examine it so we could understand it better,” Ndulu details. According to announcements told to this Guardian, Ndulu clarifies that the BoT isn’t certain how it’ll approach unregulated electronic monies.

We are now working to see if we should allow it, regulate it or ban it. We are still studying the matter and looking at it very closely before taking any further measures.

Bitcoin In Tanzania Has Caught the Attention of the Country's Central Bank
The local Tanzanian newspaper the Guardian talks with the BOT governor Benno Ndulu about bitcoin.

Benno Ndulu: Tanzanians Are Putting Themselves at Risk

But, Ndulu did explain that citizens should be warned that Tanzanians involved in cryptocurrencies are doing so at their own dangers. “We also have heard that there are some groups of people in the nation engaging in the company, but my opinion, for today is that they ought to know they’re putting themselves at risk,” Ndulu highlights.

If anything happens — No one will be there to help them.

Bitcoin In Tanzania Has Caught the Attention of the Country's Central Bank
Tanzanian Localbitcoins volumes have increased significantly since this past spring.

As Far As What I Understand There is No Way to Stop It

This week talked with a Tanzanian bitcoin enthusiast from the region, Raymond Makunja Mulegi, about his opinion of the central bank governor’s statements. Mr. Mulegi informs us that bitcoin adoption is simply getting started in Tanzania, but personally, he’s doing well using the cryptocurrency. We requested Mr. Mulegi what he thought about the governor’s statements, and he advised us;

As far as what I understand there is no way to stop it — It is going to revolutionize the finance industry and I think they are scared of it.

“We buy bitcoins via P2P services such as Localbitcoins or even Remitano,” Mr. Mulegi adds. “Normally I typically wire cash to Xapo, also that I have a good experience with that stage. You will find many others who employed Bitpesa previously, however they recently stopped transactions in Tanzania because of lots of individuals involved with scams.”

A Tool That Helps Pull a Large Population Out of Poverty

Mr. Mulegi says, unfortunately, there are a lot of scammers preying on citizens inside the area and some phony crypto-business operations. He believes scams such as these are probably the primary reasons officials in the area see digital currencies in a negative light. But, Mr. Mulegi finally considers the central bank can’t stop bitcoin, and it will be a great instrument to help his people rise from economic oppression.

“The simple fact that someone can send cash in the click of a mouse across boundaries solidifies its value. That is what drew many Africans to bitcoin’s benefits in my view,” Mr. Mulegi concludes.

It’s something that will help pull a large population out of poverty more than anything else.


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