
<p id="h-topline"><strong>TOPLINE</strong> Tanzania became the latest country to signal its support for digital assets this weekend as its president instructed financial authorities to prepare for widespread use of cryptocurrencies, elevating bitcoin prices further after El Salvador <a href="https://www.forbes.com/sites/roberthart/2021/06/09/el-salvador-makes-history-as-worlds-first-country-to-make-bitcoin-legal-tender/?sh=5313aaa7eaa3">became the first country</a> to make bitcoin legal tender last week and Elon Musk outlined <a href="https://www.forbes.com/sites/jonathanponciano/2021/06/13/musk-denies-bitcoin-pump-and-dump-and-says-tesla-will-resume-transactions-once-this-mining-goal-is-reached/?sh=60560104aa2a">plans</a> for Tesla to resume accepting bitcoin as a form of payment. </p>



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



<p>President Samia Suluhu Hassan&nbsp;<a href="https://www.cityam.com/bitcoin-closes-in-on-40000-as-elon-musk-and-tanzania-give-the-markets-a-lift/" target="_blank" rel="noreferrer noopener">called</a>&nbsp;on the Tanzanian Central Bank Sunday to begin “working on” facilitating widespread use of cryptocurrencies in the East African nation.&nbsp;</p>



<p>While many in Tanzania have not yet embraced decentralized finance, Hassan&nbsp;<a href="https://twitter.com/Benji_Fernandes/status/1404105080157126657?s=20" target="_blank" rel="noreferrer noopener">said</a>&nbsp;the Central Bank should “be ready for the changes and not be caught unprepared.”</p>



<p>Hassan is one of the most senior politicians to signal support for digital assets since El Salvador&nbsp;<a href="https://www.forbes.com/sites/roberthart/2021/06/09/el-salvador-makes-history-as-worlds-first-country-to-make-bitcoin-legal-tender/?sh=5313aaa7eaa3">voted</a>&nbsp;to adopt bitcoin as legal tender last week and helped give the flagging market a boost.</p>



<p>The announcement helped bitcoin gain nearly 10% in 24 hours, nearly reaching $40,000 a token Monday morning.</p>



<p>The token was also buoyed on by <a href="https://www.forbes.com/sites/jonathanponciano/2021/06/13/musk-denies-bitcoin-pump-and-dump-and-says-tesla-will-resume-transactions-once-this-mining-goal-is-reached/?sh=60560104aa2a">news</a> that Tesla would resume its use of bitcoin when there is proof the asset is obtained using around 50% clean energy.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Our President tells the Bank Of Tanzania to learn more about  Cryptocurrencies 🙌🏽<br><br> <a href="https://t.co/UfstRm1ktw">pic.twitter.com/UfstRm1ktw</a></p>&mdash; Benjamin Fernandes 🇹🇿 (@Benji_Fernandes) <a href="https://twitter.com/Benji_Fernandes/status/1404105080157126657?ref_src=twsrc%5Etfw">June 13, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h3 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h3>



<p>There is growing popular support for bitcoin adoption in Nigeria that also gained momentum over the weekend. Russell Okung, an NFL player of Nigerian descent,&nbsp;<a href="https://bitcoinmagazine.com/culture/bitcoin-letter-to-nigeria-government" target="_blank" rel="noreferrer noopener">penned</a>&nbsp;an open letter to the Nigerian president imploring the country to adopt a Bitcoin standard so as to avoid “falling behind.” Twitter and Square CEO Jack Dorsey, one of the most high profile crypto enthusiasts,&nbsp;<a href="https://finance.yahoo.com/news/jack-dorsey-tweets-support-nigerian-121200414.html" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;his support of the idea a number of times over the weekend.&nbsp;</p>



<h3 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h3>



<p>While reaching its highest point in several weeks, bitcoin, along with the wider crypto market, is still recovering from a tailspin that rapidly&nbsp;<a href="https://www.forbes.com/sites/roberthart/2021/05/19/leading-crypto-exchanges-down-as-bitcoin-and-ether-plummet/?sh=17aad93154ee">wiped</a>&nbsp;over $700 billion from the market’s value. This slump was primarily induced by Tesla&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2021/05/12/tesla-will-stop-accepting-bitcoin-as-payment-due-to-environmental-worries-musk-says/?sh=fa7a9ca6e9ff">announcing</a>&nbsp;it would no longer accept bitcoin due to environmental concerns and China&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2021/05/18/china-bans-banks-from-crypto-business-saying-speculative-trading-seriously-infringing-on-financial-order/?sh=455a4d677898">cracking</a>&nbsp;down on the assets. Support from the likes of El Salvador, alongside other countries and banks that may begin to&nbsp;<a href="https://www.cnbc.com/2021/06/08/bitcoin-2021-el-salvador-adoption-could-be-huge-for-cryptocurrency.html" target="_blank" rel="noreferrer noopener">adopt</a>&nbsp;bitcoin, or other cryptocurrency tokens, the market has slowly started to recover, though remains volatile. Beyond Tanzania, lawmakers in a number of Latin American countries have&nbsp;<a href="https://cointelegraph.com/news/latin-lawmakers-don-lazer-eyes-on-twitter-in-support-of-bitcoin" target="_blank" rel="noreferrer noopener">expressed</a>&nbsp;at least a casual interest in following El Salvador’s footsteps, including Brazil and Panama.&nbsp;</p>



<h3 class="wp-block-heading" id="h-further-reading">FURTHER READING</h3>



<p><a href="https://www.forbes.com/sites/roberthart/2021/06/09/el-salvador-makes-history-as-worlds-first-country-to-make-bitcoin-legal-tender/?sh=5313aaa7eaa3">El Salvador Makes History As World’s First Country To Make Bitcoin Legal Tender</a>&nbsp;(Forbes)</p>



<p><a href="https://cointelegraph.com/news/tanzanian-president-urges-central-bank-to-prepare-for-crypto" target="_blank" rel="noreferrer noopener">Tanzanian president urges central bank to prepare for crypto</a> (Coin Telegraph)</p>



<p><strong><em>By Robert Hart, Forbes Staff</em></strong></p>


Tag: President Samia Suluhu Hassan

FORBES AFRICA SOCIAL MEDIA

Tanzania Considers Crypto—And Boosts Bitcoin—As Nations Line Up Behind El Salvador To Embrace Decentralized Finance