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More needs to be done to ensure Tanzanians understand the risks of crypto trading, says Blockchain Educator – Interview with

Tanzanians are banking on cryptocurrencies, but more needs to be done to reduce the number of scams in the industry, a blockchain teacher said.

For much of 2021, blockchain companies and technology advocates in Tanzania have done a lot to bring this fintech closer to the common people of this country. That was either through Road shows or investment commitments. These efforts were also made by President Samia Suluhu Hasans evident embrace the technology.

As a result of such efforts more Tanzanians are getting to know cryptocurrencies better than in the past. On the other hand, the increased trading activities with cryptocurrencies have also forced the Bank of Tanzania to do it again to warn Residents of the risks they face in any trade.

However, as Sandra Chogo – a Tanzania-based blockchain educator – suggested to News, more needs to be done to ensure Tanzanians are aware of the risks associated with crypto trading. She also said that disclosing the correct information about cryptocurrencies will intensify efforts to reduce the number of crypto scams in this country and beyond.

Below are some of Chogo’s answers to questions sent to her via WhatsApp. News (BCN): Can you explain to our readers why you are committed to blockchain advocacy?

Sandra Chogo (SC): We’re always looking for opportunities, so I’ve seen the opportunities in blockchain. I’ve also seen the risks, especially of cryptocurrencies, to citizens and the monetary system. This made me want to share what I already knew with government officials. I also wanted to educate (or educate) the public on how to avoid scams and how to identify or distinguish legitimate opportunities from scams.

BCN: What have been some of your successes or milestones so far?

SC: 1) I have written a book in my native language Kiswahili “Jielimishe kuhusu Blockchain”

2) I have been invited to seminars and conferences in Tanzania and Africa.

3) I was invited to universities where I talked about and raised awareness about 4IR technologies.

4) I am the managing partner of Blocktech, a company focused on blockchain awareness and training.

BCN: You are one of the few women who are involved in blockchain advocacy work in Africa. Do you think there are particular challenges that keep women from participating in this work?

SC: African women have a lot of homework that makes it difficult for them to look for other, not-so-easy options. To understand the blockchain, you have to have the time.

BCN: The Tanzanian central bank recently announced that it is looking into the possibility of issuing a CBDC. Do you see this coming soon?

SC: The Tanzanian CBDC is still in its infancy. There is still a lot of understanding and research to be done. So that it [CBDC launch] won’t happen anytime soon.

BCN: In your opinion, are CBDCs a good thing?

SC: CBDCs are a good thing. It lowers the cost of printing paper money, which lowers transaction fees. Less time is required to process payment transactions.

BCN: Occasionally, some crypto scam stories get widespread attention, and regulators often use such stories to reduce or discourage the use of cryptocurrencies. What do you think needs to be done to ensure that regulators are aware of the positive side of cryptocurrencies?

SC: It is true that some regulators use such stories. I’m not blaming them, maybe it is the only information about cryptos that they have at this moment. The problem is that information about cryptocurrencies is difficult to find and understand. Getting the right information and understanding cryptos will help reduce the number of scams.

BCN: Do you see how much there is talk of mass adoption of digital currencies in the next five years?

The younger generation is the one who is adopting digital currencies or cryptocurrencies much faster than the adults. Much of the adoption will be due to the younger generation (ages 35 and under).

What do you think of this interview? Let us know what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems of some African countries and how digital currencies can provide an escape route for Africans.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Source: Crypto News Austria

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