A blockchain expert said that while Tanzanians embrace cryptocurrency, more needs to be done to decrease the amount of fraud in the sector.
The technology was introduced to Tanzanians by blockchain organizations and technologists in 2021. It was either by roadshows, or through investment commitments. These efforts have also been bolstered by President Samia Suluhu Hasan’s apparent embrace of the technology.
These efforts have resulted in more Tanzanians becoming familiar with cryptocurrency than ever before. The Bank of Tanzania was forced to remind residents of the dangers of trading in cryptocurrency due to increased activity.
However, as Sandra Chogo — a Tanzania based blockchain educator — suggested to Bitcoin.com News, more work still needs to be done to ensure Tanzanians are aware of the risks involved in crypto trading. The release of accurate information regarding cryptocurrency will help in reducing the number of fraudsters in Tanzania and elsewhere, she said.
Below are some of Chogo’s responses to questions that were sent to her to via WhatsApp.
Bitcoin.com News (BCN). Can you tell our readers how you got involved with the advocacy of blockchain technology?
Sandra Chogo (SC):Blockchain offers many opportunities. But I was also aware of the dangers cryptocurrencies could pose to people and the financial system. This made me want to share what I already had — in terms of knowledge — with government officials. Additionally, I was interested in educating the public on how scams can be avoided and how to identify legitimate options from them.
BCN: Which milestones or achievements have you achieved so far?
SC: 1) I have written a book in my local language Kiswahili ” Jielimishe kuhusu Blockchain”
2) I’ve been invited to attend seminars and conferences in Tanzania, Africa.
(3) I was invited to speak at universities about the 4IR technology.
4. I am Blocktech’s managing partner. We are a blockchain training company.
BCN. You’re one of few African women who are involved in Blockchain advocacy. Are there any barriers that prevent women from getting involved with this type of work?
SC:African women are often house-bound, making it hard for them to explore other possibilities. It is important to take the time necessary to fully understand the blockchain.
BCN: Tanzania’s central bank has indicated that it will begin exploring the possibility to issue a CBDC. Is this something you can see happening soon?
SC:The Tanzanian CBDC still has a lot of work ahead. It still requires a lot of research and understanding. So it [CBDC launch] won’t happen any time soon.
BCN: Are CBDCs good for you?
SC:CBDCs can be a positive thing. Transaction fees will fall as the printing cost of paper money will decline. Payment transactions will take less time.
BCN How can regulators be made aware that cryptocurrencies have many benefits?
SC: It’s true some regulators use such stories. I don’t blame them maybe it’s the only information about cryptos that they have at that moment. It is hard to understand and find information on cryptocurrency. Understanding cryptos and getting the correct information will reduce scams.
BCN: Can you foresee the mass adoption of digital currency in the next five-years?
It is faster for the young generation to adopt digital currencies and cryptocurrencies than adults. Much of the adoption is due to the younger generation (those below the age 35).
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