In 2020, trading volumes on leading peer-to-peer crypto exchange platform, LocalBitcoins, has basically doubled.
In the last months of 2020, Tanzanian volumes on LocalBitcoins were between $200,000 – $300,000 monthly.
In the first months of 2021, this number rose to $500,000.
The number of new users from Tanzania on LocalBitcoins has also doubled to between 1, 500 and 1, 800 new users per month.
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Here are some of the reasons why people in Tanzania have been very interested in bitcoin:
- Since 2008, the Tanzanian shilling has lost 50% of its value against the dollar and 30% since 2014
- Bitcoin doesn’t lose its value in the long term
- President Samia Suluhu Hassan asked the Central Bank of Tanzania to prepare for bitcoin
- Young Tanzanians are using platforms like LocalBitcoins to invest and trade for profits
- People in Tanzania are receiving remittances in bitcoin
- Bitcoin is being preferred for cross-border trade over foreign currencies like the US dollar
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RECOMMENDED READING: The Tanzanian Legal System Urged to Consider the Impact of Blockchain Smart Contracts and Update Legislation Accordingly
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