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Tanzania plans to adopt cryptocurrency as Legal tender

Tanzania’s President Samia Suluhu Hassan has called on the Central Bank to prepare for the use of cryptocurrencies and its blockchain technology.

This would make Tanzania the first African country to adopt cryptocurrencies as legal tender for trading.

Her statement comes shortly after the South American nation of El Salvador became the first country in the world to make Bitcoin an official currency.

Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote.

Also read: Uganda’s financial oversight Authority calls for crypto regulations in the country

The price of bitcoin was up 5% to $34,239.17 shortly after the vote.

Earlier on Wednesday, President Nayib Bukele sent the law to Congress for a vote.

“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.

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Also read: Why China is Setting up a Hotline for Snitching on Cryptocurrency Miners

Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.

Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. It’s still unclear how El Salvador will ultimately roll out bitcoin as legal tender

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