Key Takeaways
- When it comes to digital currency adoption, Florens Luoga says his bank is doing this to guarantee that Tanzania is not left behind as other nations do.
- El Salvador now has 1,220 BTC, which is worth around $66.3 million given the crypto asset's recent slide to the $54,000 range.
- As part of its efforts to create a "crypto-positive culture," Thailand is building the framework to attract crypto holders and enhance the country's tourist economy.
A Bloomberg article said that the Bank of Tanzania (BOT) has begun preparations for its digital currency in order to guarantee that the nation does not fall behind others in adopting CBDCs.
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According to rumors, Zanzibar, an independent Tanzanian territory off the coast of East Africa, is likewise interested in embracing digital currencies. Almost a month after the Central Bank of Nigeria (CBN) became the first central bank in Africa to operate a CBDC, the Bank of Tanzania (BOT) has revealed that it would be launching its own CBDC.
A 20 percent discount on Bitcoin is offered in El Salvador on Black Friday
On Friday, the price of Bitcoin fell below $54,000, and Salvadoran President Nayib Bukele invested more than $5 million in the cryptocurrency.
Following the worldwide market's sell-off in reaction to the discovery of a new COVID-19 variety in South Africa, El Salvador's president tweeted that he had acquired 100 Bitcoin (BTC). On Nov. 10, the price of Bitcoin hit an all-time high of $69,000. Since then, it has plunged more than 20 percent to $54,343, an 8 percent decline in less than 24 hours.
A few days before the country's new Bitcoin Law went into force on Sept. 7, Bukele reported that El Salvador had purchased a significant amount of BTC, purchasing 200 BTC at a price of around $52,000.
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With 1,120 BTC held by the government, he has tweeted each time the government has acquired bitcoin amid price drops. At the time of this writing, El Salvador has BTC worth $66.3 million with the addition of the 100 coins on November 26.
Thailand's CB Governor claims that "Crypto Is the Future" and plans to make the country a "Crypto-Positive Society
After the Covid-19 outbreak and subsequent closure, the nation aims to recover some of its lost tourist earnings.
According to TAT Governor Yuthasak Supasorn, the agency is working with Thai authorities to make it simpler and more easy for tourists to use cryptocurrency in Thailand.
As the governor explained: “Someone may desire to spend the money they have gained as a result of owning digital currencies.”
It would be more convenient for them if they could use their currencies here without having to convert them or incur government taxes.
By the time global travel returns to normal, the Thai tourist administration hopes to have a system in place for the greater acceptance of cryptocurrencies in place, he said.
The concept has already been reviewed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co., the country's biggest crypto exchange, as the governor said..
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As a further step toward creating a new tourist ecosystem, the authority will create a new entity next year to manage the issuing of its own crypto tokens. Thailand does not recognize cryptocurrencies, such as bitcoin and ether, as legal money at this time. "
The Covid-19 outbreak cost Thailand an estimated $80 billion in lost income, and the Thai tourist administration is trying to recuperate part of that money. Almost 40 million international tourists visited Thailand in 2019, bringing in more than $60 billion in income.
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