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Tanzania switches to cryptocurrency payment method for settlements with Russia

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Tanzania switches to cryptocurrency payment method for settlements with Russia

November 27
10:54 2019
Tanzania switches to cryptocurrency payment method for settlements with Russia

In early November, Tanzania signed a contract of $ 175,000,000 for the construction of two dry-cargo ships for Russia. The payment will be made with Prizm cryptocurrency (1 Prizm at the rate of $ 0.8). This is the first time in history that such a major cryptocurrency contract has ever been signed between Russia and Tanzania.

The Russian delegation also signed a closed agreement with Tanzania on mutual trade via payment in Prizm, instead of dollars.

“Paying for goods with Prizm is beneficial for our countries, because the dollar, while being kept in correspondent bank accounts, grows only at 6% per year. Unlike the dollar, Prizm while being kept in the wallets keeps growing at 10% per month or 120% per year due to paramining. And this does not include the rate growth. Also, this cryptocurrency is independent from sanctions, banks and politics. Accounts in this cryptocurrency cannot be blocked, and transactions cannot be canceled. Not a single international community can turn off a transaction service, but it can easily turn off SWIFT” – said the representative of the Russian delegation.

Thanks to the new system of mutual settlements between countries, the trade turnover of Tanzania with Russia can grow 10 times.

Because of Western sanctions, Russia is actively considering cryptocurrencies as an alternative method of payment for goods and services around the world. It was recently announced at the BRICS summit that the BRICS community would develop its own cryptocurrency for the mutual exchange of goods and services.

In addition, Russia is actively reducing the usage of dollar in trade with other countries. There is a high probability that Prizm might become one of the BRICS cryptocurrencies. The journalists of the Kremlin pool do confirm this. Since, unlike Bitcoin, Prizm has an effective tool for high-speed transactions and a simplified mining, where-in each wallet issues new money. Moreover, mining is so simple that complex algorithms are not required. The development team of Prizm is actively negotiating with the Russian government on using Prizm as the main cryptocurrency for the international exchange of goods between Russia and other countries.

In the Russian business community, cryptocurrencies became one of the most important instruments of money accumulation after 2014. This happened when the policy of American and European sanctions greatly complicated such accumulation as well as financial transactions for oligarchs in Russia. Many of them converted money to cryptocurrencies. A similar trend was noticed in Ukraine, where it became dangerous to keep savings in banks due to constant “Maidans” and changes in government.

However, the inconvenience of working with Bitcoin and similar currencies has led to the high popularity of the new Prizm cryptocurrency in Russia.

For more information, visit: http://innovafrica.net/la-tanzanie-et-la-russie-signent-un-contrat-negocie-en-crypto-monnaie/

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