[WATCH] 5 Reasons Why Bitcoin Traders and Trading Volume in Tanzania on LocalBitcoins Has Doubled in 2021 So Far

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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SEE ALSO[WATCH] The President of Tanzania Urges the Central Bank of Tanzania to Prepare and Start Looking into Cryptocurrencies

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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 READINGThe Tanzanian Legal System Urged to Consider the Impact of Blockchain Smart Contracts and Update Legislation Accordingly

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