I need help with my cold wallets. I have a multi-bit wallet and I know its 18-phrase seed key and password, but I know the password, but when installing the multi-bit program, 5 BTC appears in it, but the installation takes days, but it is not completed. I waited for almost 1 month, but the installation is not completed, I tried to open the electrum wallet with the seed key, but I could not do it. There are more than 5 Bitcoins inside but I can’t access it. Can someone with knowledge on the subject help me? I can see the BTCs inside, but I can’t access the platform because the Blockchain cannot download and synchronization cannot be provided. I would appreciate if someone knowledgeable can help.
BTC/USD Repels at $59k High as Bears Resume Selling- November 30, 2021
Today, BTC/USD is declining after retesting the $59,000 resistance zone as bears resume selling. In the previous price action, the BTC price broke the $58,000 resistance but was repelled at the $59,000 resistance zone. Bitcoin was rejected at the overbought region of the market. The selling pressure will extend to the low of $57,000 support. The upward move will resume if the $57,000 holds.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000
Following the bullish impulse above the $54,000 support, Bitcoin’s (BTC) price rallied to the high of $59,000 resistance zone. The first uptrend was stalled at the $58,000 resistance. BTC price pulled back and retested the recent high to break above it. The bulls overcome the $58,000 resistance but could not sustain the bullish momentum above the recent high. Consequently, the market is retracing as a result of the overbought condition of the cryptocurrency. On November 25 uptrend; Bitcoin was also resisted at the $59,000 resistance zone. The cryptocurrency declined to the $53,755 low as bulls bought the dips. The retracement has subsided as Bitcoin fluctuates above the $57,000 support for possible upward.
Bitcoin (BTC) Indicator Reading
BTC price is below the 21-day line and the 50-day line moving averages which indicate a possible downward move of the cryptocurrency. On the lower time frame, the BTC price is above the moving averages. Bitcoin will resume a fresh uptrend if price holds above the moving averages. Conversely, the selling pressure will resume if price breaks below the moving averages. Bitcoin has fallen to level 45 of the Relative Strength Index for period 14. It indicates that Bitcoin is in a downtrend zone and capable of falling on the downside. Presently, BTC price is below 80% range of the daily stochastic. Bitcoin is in a bearish momentum as the stochastic bands sloped downward.
Meanwhile, BTC/USD is fluctuating above the $57,000 support as bears resume selling. This is a positive move as Bitcoin resumes a new uptrend. On the upside, if buyers sustain BTC prices above $60,000, Bitcoin will be out of downward correction. Possibly, the upside momentum will resume.
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Ethereum’s London upgrade will end traditional ETH mining, a former Monero developer is arrested on non-crypto charges, and crypto debate hits the floor of the US Senate on Capitol Hill. These stories and more this week in crypto.
Ethereum’s price has surged over the past few days following a recent upgrade that analysts have codenamed “London.” The upgrade is slated to make the Ethereum network more efficient and will purportedly bring it closer to a proof-of-stake model, which will allow holders to garner profits on the assets they already own.
The US Senate faced pushback from the crypto community when it introduced a section into its proposed infrastructure bill that would clamp down on underreported digital asset tax liability. At issue is ambiguous language as to reporting requirements for developers and miners, and whether they would have to collect and report information on users as a ‘broker.’
Former maintainer of the anonymous Monero cryptocurrency Riccardo Spagni has been arrested on fraud charges pertaining to events that occurred between 2009 and 2011 – before he joined the Monero community. Spagni, who is known in online forums and platforms as ‘FluffyPony’, is currently in the custody of the U.S. Marshals Service and will be held without bail until his extradition to South Africa.
Bitcoin SV—a cryptocurrency that emerged following a bitcoin cash hard fork—has been victimized by a 51% attack that caused the asset’s price to fall. The attack allegedly occurred at the hands of miners when three separate blockchains were created causing several units of BSV to be double spent.
The Nasdaq-listed cryptocurrency exchange Coinbase has enabled crypto buys with Apple Pay, and instant cashouts of up to $100,000 per transaction. While the Apple Pay option has been available to Coinbase users since June, it required users to have a Coinbase-branded debit card, but now that workaround is no longer needed with the update.
Fidelity Investments has bought a 7 percent stake in Marathon Digital Holdings, one of North America’s biggest and most prominent crypto mining firms. Over the past year, shares in Marathon have surged by more than 660 percent, suggesting that Fidelity joins the growing trend among investors of gaining exposure to the crypto industry through traditional securities as well.
Melanion Capital—an asset management firm in Paris—has become the first company of its kind to launch a bitcoin-based exchange-traded fund (ETF) designed to track the price of bitcoin. The product will be offered to investors in the European Union (EU) and will track 30 stocks with a high correlation with bitcoin’s price.
Popular sandwich shop Quiznos has partnered with Bakkt—an institutional crypto trading platform—to allow customers to pay for food with bitcoin. Several stores in high-traffic areas will be accepting crypto payments beginning in mid-August. The move is part of a pilot program that, if successful, could see all U.S. based Quiznos accepting crypto by the end of 2021.
Dogefather Elon Musk has recently cosigned a tweet that warns Dogecoin holders of the dangers of margin trading. This trading method usually used by experienced traders can prove incredibly risky because while there is a lot of profit to be made when a trade goes right, the loss can be devastating when a trade goes wrong.
This is what prompted a Dogecoin holds and enthusiast to issue warnings about margin trading to the community. Some Dogecoin holders have been recording tremendous losses due to leveraged Dogecoin trading and have taken to Twitter to vent their frustrations. In light of this, Mishaboar, an active voice in the Dogecoin community took to the platform to educate traders about the dangers of this type of trading.
Related Reading | Dogecoin Rival Shiba Inu Becomes First Meme Coin To List In South Korea
Caution With Leveraged Dogecoin Trading
Mishaboar wrote on Twitter that he had received numerous messages from Dogecoin holders regarding some of their trades. These traders had had their margin accounts liquidated and had lost money on what is considered risky trading. Mishaboar noted that a lot of these traders were newbies who did not know how the market worked and was following the advice of friends to carry out these trades.
Many #doge holders wrote me today asking for help: they have been receiving warnings about their margin accounts being liquidated.
We must educate to avoid these tools, and warn against false friends that push newbies to add gasoline to the fire that is the crypto market.
— Mishaboar (@mishaboar) November 26, 2021
DOGE trading at $0.2 | Source: DOGEUSD on TradingView.com
Additionally, Mishaboar explained further along in the Twitter thread that a lot of new investors believe that they need to use tools like leveraged Dogecoin trading to succeed in the market when they in fact do not.
Since most of these investors are new to the market, they do not fully grasp the dangers associated with carrying out margin trades. Some may not understand market dynamics that would cause their positions to be liquidated, leading to heavy losses on the part of these new investors.
Elon Musk Cosigns Mishaboar’s Message
Mishaboar did not end his message with just new investors. They had also expressed that even experienced traders may not be as “experienced” as they may believe. For these investors, even though they may have more liquidity and experience compared to the average trader, they are still going up against institutional investors with a lot more resources and data than individual traders.
Related Reading | Shiba Inu (SHIB) Crosses 1 Million Holders Milestone
The Dogecoin enthusiast called for caution as they explained that these tools can be dangerous to use in traditional markets. Add in the highly unregulated and volatile crypto market and the dangers of using margin trading grow 100-fold. Basically, the house always wins.
These tools are already dangerous in traditional markets. In the crypto market, which is vastly unregulated, the risks and unfairness are multiplied x100.
Again: it is playing Russian roulette against the guy who made the gun and knows exactly which chamber holds the bullet.
— Mishaboar (@mishaboar) November 26, 2021
Elon Musk had expressed support for the message that Mishaboar was trying to pass along. Musk who is a well-known personality in the meme coin space took to the platform to voice his support for calls for caution. Underneath Mishaboar’s Twitter thread, Musk had written “Good thread” in approval.
Featured image from Castofly, chart from TradingView.com
Bitcoin & Dark Matter
The Center Cannot Hold: 14
Just as one cannot weigh light or sound, neither can one weigh Bitcoin. While there are several common material components to Bitcoin such as mining machines, hardware wallets, seed plates, and nodes, much of what Bitcoin is, is immaterial.
In physics, matter can be defined as anything that has mass and takes up space by having volume. Matter includes everything that is made of atoms or subatomic particles that act as if they have mass and volume. A photon is an elementary particle without mass, which is why it always travels at the speed of light in a vacuum. A photon is not considered matter. Matter does not include other energy phenomena such as light or sound.
Bitcoin is energy stored up. It is also an immaterial record of energy transferred, as well as a right to send energy that is immune to governance. Bitcoin is also the ability to send energy at varying rates of power. Material devices are required to create and use Bitcoin, but the fundamental difference between creating Bitcoin and other assets is that Bitcoin turns matter and energy into measurable yet immaterial energy. This unforgeable energy conversion, along with Bitcoin’s terminal supply cap, programmed supply issuance (the course of which is stayed by the ingenious hashrate difficulty adjustment) are part of what makes it different from, and superior to all fiat monetary systems. Bitcoin as sound energy is distributed and can be stored anywhere in the universe signal can be sent or received.
There are various phases or states of matter. The classical and familiar phases of matter are solid, liquid, and gas. Other possible states include plasma, quark–gluon plasma, Bose–Einstein condensates, and fermionic condensates. So what is the predominant kind of matter in our universe?
Dark matter is hypothesized to account for eighty five percent of our universe’s matter. It is thought to account for about a quarter of the universe’s matter/energy density. Dark matter, like many phenomena in physics, cannot be seen. Consider it to be one of many phenomena that plays on scales much bigger or smaller than, or orthogonal to the relatively narrow scope human genes evolved to promote themselves within.
Similar to dark matter, Bitcoin’s effects on people and their economies are not well understood, even though most who seriously consider the subject would agree that Bitcoin greatly affects individuals and will play an ever-increasing role in the world economy and Earth’s population altogether through providing property to those that have none. Much in the way we haven’t evolved specifically to do good science or investigate any objective reality, human’s haven’t evolved with Bitcoin, or anything that offers a guarantee of ownership as strong as Bitcoin’s. That is to say that although Bitcoin can be represented materially or through a matter/immaterial combination of screen and light, and although Bitcoin is created and the network is protected through physical processes, what Bitcoin offers us can be difficult to imagine, and many of its effects will likely have to be experienced before they can be discovered.
That is to say, Bitcoin’s effects on human psychology and economic affairs are similar to that of dark matter’s in that the full definitions of both have yet to be discovered.
Dark matter does not absorb, reflect, or emit electromagnetic radiation. Bitcoin’s supply issuance is largely unresponsive to human demand. Although human capital allocation decisions in aggregate decide the hash rate at which Bitcoin is mined, and conscious decisions again determine to which addresses Bitcoin is allotted, Bitcoin supply issuance is predetermined, which is part of what makes its economic effects at once mysterious and predictable.
Matter that doesn’t interact with the electromagnetic field is extremely difficult to detect. In fact, dark matter’s existence is hypothesized largely through inference and deduction. Certain gravitational and other astrophysical anomalies do not make sense without the inclusion of dark matter. For example, galaxies as we understand them, their calculations, their shape, and their movements, would fly apart if one didn’t account for vast amounts of unseen matter.
Bitcoin is the dark horse. Society’s foundations were built on leased and debased ground. Without a sound form of ownership, society’s incentive to collaborate and accumulate capital withers, and progress halts. Bitcoin offers ownership at a time when governments are stripping away rights at an unprecedented rate. Bitcoin is growing sound economies at an increased rate because it is permissionless, granting users an unprecedented right to save, spend, and receive monetary energy. In retrospect, the separation of money and state will seem obvious. Bitcoin is not a monetary innovation, it is the realized invention of money itself.
Without Bitcoin, our global proof-of-stake economies would regress into massive government power-play programs that strip citizens of property and asset ownership. Bitcoin will progress society on a stronger foundation than governments can, by providing sound property, money, and energy ownership to everyone. The traditional economic models are not only broken, but most popular theories have not priced Bitcoin in on any scale.
The ΛCDM (Λ [Greek sign for Lambda] Cold Dark Matter), is a model definition of the Big Bang cosmological theory. In the ΛCDM model definition, the universe is made of three major components. There is a cosmological constant, denoted by Λ (Lambda, a symbol associated with dark energy in physics), the energy density of space, or vacuum energy, from Einstein’s field equations of general relativity. The second component is the hypothesized cold dark matter (CDM). The third major component is ordinary matter.
As discussed previously, Bitcoin is the simplest explanation for the way money is. In retrospect, it will be obvious to the majority that money by mandate was a foolish endeavor, serving those with the greatest stake rather than providing everyone a sound money based on proof of work, outside of state capture or issuance. Bitcoin will become the financial constant of our planet. The other constants are the resources used to mine Bitcoin and protect its network, and time.
The ΛCDM is often referred to as the Standard Model of Big Bang cosmology because it is the simplest explanation that accounts for the following properties.
1) It posits the existence of a Cosmic Microwave Background. The Cosmic Microwave Background is electromagnetic radiation that is a remnant from the early stage of the universe, known as relic radiation. It is the oldest electromagnetic radiation in the universe and is a faint filler of all space. It cannot be detected with a regular telescope. However, when looking through a sensitive radio telescope, the space between any celestial objects is not black, but filled with a faint, near isotropic glow, unassociated with any ordinary matter.
2) It accounts for the accelerating expansion of the universe, which can be observed in the light of supernovae and distant galaxies.
3) It gives a good account of the large scale structure in the distribution of galaxies.
4) It accounts for the abundances of hydrogen, helium, and lithium in the universe.
The ΛCDM assumes that Einstein’s general relativity is the correct theory of gravity on a cosmic scale. In this model, the total mass–energy in the universe contains 5% ordinary matter and energy, 27% dark matter, and 68% of a form of energy known as dark energy. Therefore, dark matter constitutes 85% of total universal mass, while dark energy plus dark matter constitute 95% of its total mass–energy content.
While there is no direct correlation between ΛCDM and Bitcoin, it may be instructive to view properties of Bitcoin through this lens, as Bitcoin will one day become a monetary standard, and the slow and steady economic shift to its omnipresence will be viewed as a humanity-altering invention.
Dark matter is thought to be completely uniform across space. Though dark matter has never been observed, it is thought to just barely interact with ordinary matter and only through gravity and weak force, therefore it is collisionless. It may be composed of yet undiscovered subatomic particles. Dark matter can be classified according to its velocity as cold, warm, and hot. Cold dark matter moves slowly compared to the speed of light. It is referred to as cold because of its weak interaction with ordinary matter and electromagnetic radiation. It is hypothesized that ordinary matter, observable cosmological structures, emerge in this way through a gradual accumulation of particles.
In the distant future, Bitcoin will likely accompany humans into space, but it will probably continue to be mined on and near Earth (so long as the Earth remains habitable) due to the minimum time penalty incurred when communicating across space. Bitcoin final settlement can be achieved at great distances, across the universe wherever transmitters, relays, and receivers can communicate signal, and it can be used anywhere the data describing a funded key pair is present. In this universe, Bitcoin will become an economic constant as it is the simplest and soundest explanation for what money is. Bitcoin accounts for the following properties.
1) Bitcoin’s existence posits that humans can own property outside of state control, and that any divisible amount of perfect money is sufficient to support any economy. Bitcoin will scale on second layers to fill the economic void left by a fragile balance of debt and power, with provable ownership and proof of work being the only prerequisites to spending.
2) The accelerating rate of Bitcoin adoption will continue until it becomes the global currency standard, proving that hard money cannot stay niche and many markets today are simply misguided allocations made in attempt to store value over time.
3) Bitcoin’s open source accounting protocol allows anyone to audit not only the monetary supply, (which is impossible to do in fiat) but also the history of on-chain, final settlement transactions.
4) Bitcoin accounts for the most precise form of monetary measurement available to us. Unlike gold or dollars, Bitcoin is unforgeable, and it cannot be debased by the will of governance. Bitcoin is sheer monetary energy. Because it can’t be confiscated or debased, Bitcoin (and Bitcoin alone) allows for the final settlement of digital energy.
Bitcoin will play an ever-increasing role in the day-to-day trades the population makes with its time until the world is running on a Bitcoin standard. This is simply because Bitcoin offers property ownership to the market in a way the world has never had before, and it is unstoppable and ungovernable. The unrealized demand for this scarce product is infinite. The three economic constants of our future will be Bitcoin, material resources, and time.
29 November 2021
Read The Center Cannot Hold: 13: “Bitcoin Qualia”
Read The Center Cannot Hold: 12: “The Bitcoin Strategic Advantage”
Read The Center Cannot Hold: 11: “The Bitcoin Dilemma”
Read The Center Cannot Hold: 10: “The Bitcoin Constant”
Read The Center Cannot Hold: 9: “Schrödinger’s Bitcoin”
Read The Center Cannot Hold: 8: “Bitcoin Is The Singularity”
Read The Center Cannot Hold: 7: “Bitcoin Will Advance Science And Technology”
Read The Language of Bitcoin: 6: “Michael Saylor Interview: The Predator Prey Dynamics of Bitcoin”
Read The Language of Bitcoin: 5: “Bitcoin Has No Competition”
Read The Language of Bitcoin: 4: “Bitcoin And Existential Risk”
Read The Language of Bitcoin: 3: “Bitcoin: The First and Final Rival Money”
Read The Language of Bitcoin: 2: “Bitcoin Alleviates Future Uncertainty”
Read The Language of Bitcoin: 1: “BTC Is The Best Explanation For The Way Money Is”
What happened: $858,788,585.00 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction.
This mysterious person’s bitcoin wallet address has been identified as: bc1q5g49nqfg2vhvfx3emm9weazgd3c2pylu8ql4yx
$858 million worth of Bitcoin was sent to an unknown recipient, with Bitcoin wallet address: bc1qrl3le9ckafye9fwdu485d26xx4uyhcrzly9q4p
Why it matters: Cryptocurrency whales that own millions of dollars in Bitcoin tend to move markets single-handedly. If the whale decides to exit this Bitcoin position, there could be enough market impact to push down the price of BTC. It takes about $15 to $30 million of sell pressure to move the price of Bitcoin down 2% on any given exchange.
Since this transaction wasn’t sent to an exchange, it’s unlikely that this Bitcoin whale is looking for liquidity. Instead, they may be transferring this to a different wallet for security purposes.
You can view more details about the transaction here.
According to Glassnode, there are 490,873.00 Bitcoin wallets with over $100,000 in BTC.
See Also: Best Crypto Apps 2021 and Best Crypto Portfolio Trackers
Price Action: Bitcoin is up 6% in the past 24 hours.
See Also: How To Buy Bitcoin
Public Blockchain data sourced from Whale Alerts Twitter.
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
Is there is reason why Bitcoin uses signed instead of unsigned integers for amounts? I can’t imagine a scenario where negative amounts could come up. Was it simply something Satoshi implemented for some future use this way and now we are stuck with it?
Ripple Price Prediction – November 28
According to the daily chart, the Ripple price is currently trading below $1.00 as further downside could reach another support level of $0.85.
Resistance levels: $1.21, $1.26, $1.31
Support levels: $0.66, $0.61, $0.56
XRP/USD is seen sliding below the 9-day and 21-day moving averages as the coin prepares to touch the support level of $0.90 before it could start another increase. After the Ripple price struggles to reach the $0.95 high today, the coin begins a decline towards the south. Therefore, as the coin faces the bearish movement, it may target the key support at $0.80 and the price could move into a short-term bearish zone.
Ripple Price Prediction: Ripple Price May Continue to go Down
At the time of writing, the Ripple price is currently exchanging hands at $0.92 and any attempt to stay below the 9-day and 21-day moving averages may likely bring it towards the lower boundary of the channel. However, traders may experience a quick buy if the trade reaches the support at $0.80 but traders should keep their eyes on the resistance levels of $1.21, $1.26, and $1.31.
Moreover, if the price fails to rebound, more bearish trend is likely to trigger more selling opportunities for traders and this might cause the price to retest $0.80 and could further drop to $0.66, $0.61, and $0.56 support levels respectively. The technical indicator Relative Strength Index (14) is likely to cross into the oversold region and once this done, the coin may fall more.
Against Bitcoin, the Ripple price is seen moving down as the coin remains below the 9-day and 21-day moving averages. However, if this downward movement continues to play out, the Ripple price may face additional downtrend and this could take the coin to the support level of 1500 SAT and below.
However, if the bulls regroup and hold the current market movement, the coin may likely rise towards the upper boundary of the channel and the nearest resistance level lies at 1900 SAT and above. On the contrary, the technical indicator Relative Strength Index (14) is seen moving towards the oversold region, which indicates a downward movement.
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The biggest DeFi hack in history takes an unexpected turn, Venmo introduces crypto cashback and can you guess where the Bitcoin Family hides their BTC? These stories and more this week in crypto.
The Poly Network was the victim of a cyberattack from which $600 million in digital assets was stolen, making it the biggest DeFi hack in history. Poly Network called on crypto exchanges to blacklist any tokens coming from the hacker’s addresses, but in a strange turn of events, the hacker has since returned the stolen funds, claiming that this was the intention all along.
Venmo—a credit card-issuing division of PayPal—is unveiling a new cashback for crypto program that allows all customers to purchase cryptocurrency with the cashback they earn on any purchases they make with their Venmo credit cards. Customers can earn one to three percent back on spending categories for each month.
The stablecoin giant Circle plans to become a “national digital currency bank”—a move that would place it under the direct supervision of the Federal Reserve. According to the announcement, the shift to full-reserve banking would strengthen its stablecoin USDC, which currently has more than $27.5 billion in circulation.
The NASDAQ listed cryptocurrency exchange, Coinbase, has released its second-quarter report revealing a revenue of $2 billion in the second quarter with 95% of its profits coming from trading fees. The crypto trading platform acknowledged that the period was a strong one for growth on the back of a crypto market bull run.
BitMEX and Poloniex crypto exchanges separately agreed to pay fines to US Agencies. BitMEX will pay $100 million to settle allegations that they allowed years of illegal trades and violated anti-money laundering rules. Meanwhile, Poloniex will pay $10 million to settle an SEC probe for not registering its operations with federal regulators, thereby violating investor protection laws.
Soccer player Leo Messi has become the latest professional athlete to earn part of his salary in cryptocurrency. Messi has signed a two-year contract with the French team Paris Saint-Germain and will collect approximately half of his pay in what are known as “PSG” fan tokens, which give holders voting rights regarding future team decisions.
The AMC movie theater chain has announced that by the end of 2021, customers will be able to purchase movie tickets and concessions products such as popcorn and other treats with bitcoin. AMC is also researching other ways it could join the “burgeoning cryptocurrency universe.”
The Bitcoin Family, a dutch family that went all-in on Bitcoin back in 2017 has revealed its secrets to safeguarding their assets. The family explained that they have hidden hardware wallets across several countries so that they never have to fly very far if access to a cold wallet is needed. Hiding spots are in Europe, Asia, South America and in Australia.
That’s what’s happened this week in crypto, see you next week.
Tanzania has reportedly started exploring a Central Bank Digital Currency (CBDC). The country is following the footsteps of Nigeria, which launched its own digital currency last month. Other African countries have similarly announced plans to launch CBDCs.
Tanzania Explores CBDC
According to a Bloomberg report on Friday, Bank of Tanzania Governor Florens Luoga announced the country’s CBDC plans on Thursday at the 20th Conference of Financial Institutions (COFI).
“To ensure that our country is not left behind the adoption of central bank digital currencies, the Bank of Tanzania has already begun preparations to have its own CBDC,” he said.
Consequently, the governor said that the central bank is also looking to expand research into digital currencies and strengthen the capacity of its team.
Related Reading | Nigeria Prepares To Launch Digital Currency eNaira On Monday
Luoga said this move was inspired by Nigeria’s launch of its own CBDC, the eNaira, last month. Nigeria partnered with a German FinTech to launch a digital currency to complement the physical naira. The West African country is the second to officially have a CBDC after the Bahamas, which launched its own last year.
The governor also said that the central bank is planning to diversify its foreign exchange reserves. To this end, it will buy gold from local refineries. “The monetary gold that we plan to buy should have a purity of not less than 99.5%,” he said. He also expects the country’s inflation rate to remain within the targeted range of 3% to 5% in 2021-22.
Luoga added that the central bank is still cautious of cryptocurrencies. And he reminded the public about its illegal status in the country, urging them to be wary of investing.
Related Reading | Tanzania’s President Calls For Central Banks To Work Towards Crypto Acceptance
Since 2019, cryptocurrencies have been banned in Tanzania after the central bank said they were not recognized by law. However, this may soon change as the Bank of Tanzania is reportedly working to reverse this ban. This development is a result of the Tanzanian President Samia Suluhu Hassan asking the central bank to prepare for cryptocurrencies shortly after she became president.
Digital Currency Development In African Countries
More and more governments are exploring central bank digital currencies in their countries. In Africa, CBDC adoption is gradually growing.
Nigeria was the first African country to launch its CBDC. Other African countries are also researching potential opportunities that CBCDs provide for their economies.
Related Reading | 110 Countries Are Exploring CBDC At Some Stage, Says IMF Managing Director
About two months ago, the Managing Director of the International Monetary Fund(IMF), Kristalina Georgieva, said that over 110 countries are at some stage of exploring CBDCs.
The Bank of Ghana has said it will soon launch its CBDC. While other countries like South Africa, Zimbabwe, and Namibia are still exploring the technology’s feasibility.
Featured image by Central Banking