[ad_1]
Top line
Tanzania became the latest country to signal support for digital assets over the weekend as its president called on financial authorities to prepare for widespread use of cryptocurrencies, further raising bitcoin prices after El Salvador became the first country to make bitcoin legal last week, and Elon Musk described plans for Tesla to resume accepting bitcoin as a payment method.
Woman’s hands hold Gold Bitcoin on a wire
Getty Highlights
President Samia Suluhu Hassan on Sunday called on the Central Bank of Tanzania to start work to facilitate the widespread use of cryptocurrencies in the East African country.
While many in Tanzania have yet to embrace decentralized finance, Hassan said the central bank should be ready for changes and not be caught off guard.
Hassan is one of the most senior politicians to show support for digital assets since El Salvador voted to adopt bitcoin as legal tender last week and helped boost the market. in decline.
The announcement saw bitcoin gain nearly 10% in 24 hours, hitting almost $ 40,000 a token on Monday morning.
The token was also supported by news that Tesla would resume its use of bitcoin when it is proven that the asset is obtained using around 50% clean energy.
What to watch out for
There is growing popular support for bitcoin adoption in Nigeria which also gained momentum over the weekend. Russell Okung, an NFL player of Nigerian descent, wrote an open letter to the Nigerian President imploring the country to adopt a Bitcoin standard in order to avoid falling behind. Twitter and Square CEO Jack Dorsey, one of the most prominent crypto enthusiasts, tweeted his support for the idea several times over the weekend.
Key context
While peaking in several weeks, bitcoin, along with the broader crypto market, is still recovering from a free fall that quickly wiped out over $ 700 billion in market value. This crisis was mainly caused by Tesla who announced that it would no longer accept bitcoin due to environmental concerns and China’s crackdown on assets. With support from El Salvador, alongside other countries and banks that may start adopting bitcoin or other cryptocurrency tokens, the market has slowly started to recover, although it remains volatile. Beyond Tanzania, lawmakers in a number of Latin American countries have expressed at least an occasional interest in following in El Salvador’s footsteps, notably Brazil and Panama.
Further reading
El Salvador makes history as the first country in the world to make bitcoin legal (Forbes)
Tanzanian President Urges Central Bank To Prepare For Crypto (Coin Telegraph)
[ad_2]
picture credit