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.
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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