- 17 June 2021
- Posted by: Cryptovalues
- Category: Central Banks, Cryptovalues News, World News
After El Salvador, legal tender bitcoin for Tanzania and Nigeria?
Last week’s news from Central America created hype where, with the approval of a presidential decree by 74% of voters, the Parliament of El Salvador made effective the law that makes Bitcoin legal tender in the country.
The small and certainly not rich Central American state has officially become the first to recognize the cryptocurrency, queen of the market, as a currency in its own right. However, it will not go to replace the US dollar, but to flank it.
Bitcoin in the country will have forced course, effectively forcing everyone to accept it as a means of payment.
We mentioned the possibility that the example of El Salvador could be copied by other nations and some African countries seem inclined to follow the initiative of Central American President Bukele.
In Tanzania, the country’s president, Samia Suluhu Hassan, has in fact given instructions to the Central Bank to prepare to facilitate access to the world of cryptocurrencies and their use in the country.
Like El Salvador, Tanzania has in fact a large portion of the population that does not have access to banking services but, for example, to smartphones or other devices for surfing the internet. Devices that are more than enough to operate with cryptocurrencies.
Another country where the digital currency has always found many supporters turns out to be Nigeria, where the money remittances copiously received by emigrated citizens are no longer made with the canonical instruments that are obsolete and have led to a 98% drop in preference to the use of BTC for this purpose.
This could be a good reason to introduce the queen of cryptos next to the Nigerian Naira (NGN) which has lost 50% of its value against the US dollar in the last 5 years.
Evolution goes on and it seems a paradox that it is the less wealthy countries that want to take advantage of it.