Tanzanian President Samia Suluhu Hassan’s address on cryptocurrencies on Sunday gave Bitcoin a much-needed boost after presenting encouraging market news.
Her Mwanza speech came on the heels of El Salvador announcement of Bitcoin as legal cash, as well as a number of other South and Central American countries signalling their willingness to go on board.
Tanzania’s president has asked her nation to prepare for crypto regulations
President Samia Suluhu Hassan, speaking in Mwanza, urged financial officials to prepare for cryptocurrency, claiming that the age of crypto and blockchain has arrived, and urging her country to pave the way for transformation.
The President Samia stated that Tanzania’s central bank should begin making the required preparations for a paradigm shift in global banking attitudes, citing cryptocurrency as the future of finance.
The president said that through the internet, we have witnessed the creation of a new journey.
She further added by saying that she is aware that Cryptocurrencies have not been adopted or begun to use these routes throughout the country, including Tanzania. However, her recommendation to the Central Bank is that they should begin working on that development right away.
The President said during her speech that The Central Bank should be prepared for changes and not caught off guard.
This is the first time a country’s president has officially acknowledged a serious embrace of digital assets or a decentralized approach to banking outside of El Salvador and a few other neighbors.
The news from Tanzania coincided with a shift in opinion from the ever-present pantomime villain Elon Musk, who has likely been the biggest influencer on Bitcoin’s price since its birth more than a decade ago.
With word that his electric vehicle firm, Tesla, will accept Bitcoin as payment, the price of the digital currency has recently soared. Days later, he sneered at Bitcoin’s green credentials, declaring that a Tesla could only be purchased with Bitcoin if the mining process could be made more environmentally friendly.
Though, a Coin Telegraph article quoted Magda Wierzycka, CEO of financial services firm Sygnia, as suggesting that her fellow South African would likely have been investigated by authorities for market manipulation, enraged the 49-year-old entrepreneur.
On social media, he reacted by saying the article was completely inaccurate.
Those last comments from Elon Musk, along with the news from Tanzania, were enough to break the shackles that had held Bitcoin below $35,000for much of the weekend and catapult it to within touching distance of $40,000.
Weekend trading has historically given cryptocurrency markets a downward push, so a rapid rise fuelled by news narratives will undoubtedly be interpreted as a sign that Bitcoin is set to escape from its recent depression.
The week ahead appears to be a must-watch for cryptocurrencies, with El Salvador, Tanzania, and possibly Elon Musk driving the narrative.