More needs to be done to ensure Tanzanians understand the risks of crypto trading, says Blockchain educator – Bitcoin News interview

Tanzanians are embracing cryptocurrencies, but there is still work to be done to reduce the number of scams in the industry, a blockchain educator said.

For much of 2021, blockchain entities and tech supporters in Tanzania have been doing a lot to bring this fintech to ordinary people in this country. This was done through road shows or investment commitments. These efforts were also bolstered by President Samia Suluhu Hasan’s apparent adherence to the technology.

As a result of these efforts, more Tanzanians are learning about cryptocurrencies than in the past. On the flip side, the increase in cryptocurrency trading activity has also forced the Bank of Tanzania to once again warn residents of the risks they face whenever they trade.

However, as Sandra Chogo – a blockchain educator based in Tanzania – suggested to News, there is still work to be done to ensure that Tanzanians are aware of the risks involved in crypto trading. She also said that releasing the right cryptocurrency information will boost efforts to reduce the number of crypto scams in this country and beyond.

Below are some of Chogo’s responses to questions sent to him via WhatsApp. News (BCN): Can you explain to our readers why you got involved in blockchain advocacy work?

Sandra Chogo (SC): We are always looking for opportunities so I saw the opportunities in Blockchain. I also saw the risks in particular of crypto-currencies for citizens and for the monetary system. It made me want to share what I already had – in terms of knowledge – with government officials. I also wanted to educate (or educate) members of the public on how to avoid scams as well as how they can identify or distinguish legitimate opportunities from scams.

BCN: What have been your achievements or milestones so far?

SC: 1) I wrote a book in my local 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 spoke and sensitized to 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 involved in blockchain advocacy work in Africa. Do you think there are specific challenges that prevent women from getting involved in this work?

SC: African women have a lot of household responsibilities, which makes it difficult for them to find other opportunities that are not so straightforward. To understand blockchain, you need to have the time.

BCN: The Tanzanian central bank recently indicated that it would start exploring the possibility of issuing a CBDC. Do you think this will be rolled out soon?

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

BCN: From your perspective, are CBDCs a good thing?

SC: CBDCs are a good thing. The cost of printing paper money will be reduced and transaction costs will decrease. Less time will be used to settle payment transactions.

BCN: Sometimes a few crypto scam stories attract attention and regulators often use such stories to push back or discourage the use of cryptocurrencies. What do you think needs to be done to ensure that regulators are aware of the good side of cryptocurrencies?

SC: It is true that some regulators use such stories. I don’t blame them, this may be the only crypto information they have at this time. The problem is, information on 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 the massive adoption of the much talked about digital currencies in the next five years, for example?

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

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

Terence zimwara

Terence Zimwara is an award winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

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