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The crypto currency Bitcoin is becoming increasingly popular on the African continent. The population of the United Republic of Tanzania is also showing interest in Bitcoin. That’s why this week the director of the Tanzanian central bank, Benno Ndulu, has made a critical statement on the subject of crypto currencies.

Bitcoin’s development in Tanzania

Currently, the number of online searches for the decentralized crypto currency is increasing considerably in Eastern and Southern Africa. Particularly in Nigeria, Kenya and Tanzania, people are increasingly looking for information about the crypto currency. In Tanzania, the trading volume has also developed exponentially, with the result that the central bank is now also commenting on the issue. Bank director Benno Ndulu told the Guardian that people should be aware of the risks involved in trading crypto currencies.

“We know crypto currencies, but as a government we want to investigate them so we understand them better,” Ndulu said. The country’s central bank is not yet sure how to deal with crypto currencies. “We are working to see whether we should allow, regulate or prohibit them. We are still investigating the matter and are very careful before we take any action.

Benno Ndulu: Risks for investors

Nevertheless, Ndulu explained that residents should be warned about the risks involved in trading crypto currencies. “We have heard that there are groups involved in this type of business, but my message to them is that they should know that they are exposing themselves to risks,” Ndulu continued.

“If something happens, no one will help them.”

Bitcoin enthusiast Makunja Mulegi from the region has a different opinion about Bitcoin’s development in Tanzania. In his opinion, Bitcoin is just beginning to assert itself in the country. He himself benefits from the trade with the crypto currency. About the statements of the bank director he said: “As I understand it, there is no way to stop them. It will revolutionize the financial industry and I think he is afraid of it. “We buy Bitcoin through P2P providers like Localbitcoins or Remitano,” Mulegi described.

Bitcoin as a cure for poverty?

But Mulegi also admitted that there are problems. Because there are fraudsters in the region and also crypto currency companies that want to exploit citizens. By such cheats crypto currencies are moved into a bad light. Nevertheless, Mulegi thinks that the central bank will not be able to stop Bitcoin. He also considers the crypto currency to be a cure for economic oppression. “The fact that someone can send money beyond the borders of a country with a mouse click strengthens its value. This made many Africans aware of the benefits of Bitcoin,” explained Mulegi. He also concluded:

“This will help to tire large sections of the population out of poverty.

About Tanzania

Tanzania (officially United Republic of Tanzania, Swahili: Jamhuri ya Muungano wa Tanzania) is a state in East Africa. It lies on the Indian Ocean and borders Burundi, Kenya, Malawi, Mozambique, Rwanda, Uganda, Zambia and the Democratic Republic of Congo. The name originated as an artificial word from the names of the two state parts Tanganjika (with the island Mafia) and Zanzibar (the islands Pemba and Unguja) as well as the name Azania.

At the coast the climate is tropical-hot with up to 1.000mm precipitation and under influence of the monsoon. In the highlands there is a temperate tropical climate with up to 2.000mm precipitation.

The country name was formed from the names of the parts of the country Tanganyika and Zanzibar, which united 1964 to a federation.