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President Samia of Tanzania Boosts Crypto Market

The crypto markets gained a significant boost in prices when Samia Suluhu Hassan, the President of Tanzania, gave a speech about cryptocurrency on Sunday. The speech resulted in a much-needed boost for the market, delivering positive news for those involved within the crypto space.

President Samia’s speech in Mwanza was the second time a country spoke in favour of cryptocurrency, as El Salvador announced its plan for adopting Bitcoin as a legal currency. Many South and Central Americans were on board with the Salvadorian announcement.

President Samia spoke to the financial chiefs in Mwanza to prepare for cryptocurrency. According to her statement, the future of cryptocurrency and blockchain was drawing near, and it was necessary to keep with the times. She urged the country to start paving the way for the future and be ready for a change.

President Samia also stated that the central bank of Tanzania should start making the necessary preparations, and change banking attitudes towards cryptocurrency. She appealed to the nation stating that Tanzania has not started to accept nor use cryptocurrency, which is why the central bank needs to start making developments towards cryptocurrency.

Other than El Salvador, President Samia’s speech marks the first time a country’s president has openly acknowledged the seriousness of accepting digital assets, and taking a decentralized approach to banking.

Tanzania’s speech came in alongside Elon Musk’s opposing sentiment of bitcoin. Musk has influenced the price of bitcoin drastically since its inception over a decade ago.

Lately, an article quoting Magda Wierzycka, CEO of financial services firm in Sygnia, stated Musk would be investigated by authorities for market manipulation. Musk’s response stated that the article was off the mark, coupled with news from Tanzania and El Salvador was enough to boost the price to $40k.

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