It was reported that in the Singida region of Tanzania, citizens were seen purchasing goods and paying for services using the Pi coins. They created a barter system where goods are exchanged using Pi Coin as a form of payment instead of their traditional currency–Tanzanian shilling (TZS).

This decentralized method of trade allows locals to conduct business transactions without the need for traditional banking infrastructure or intermediaries. By leveraging Pi coins as a form of payment, residents are not only diversifying their economic activities but also exploring new avenues for financial exchange.

It is currently unclear whether the Tanzanian government has officially approved Pi coins as legal tender, or if this initiative is driven solely by local residents. It's worth noting that this development took place in a specific region of Tanzania and not nationwide. Additionally, the news was reported by only a few Tanzanian news outlets, indicating that the extent of awareness may be limited.

Rather than relying solely on the Tanzanian shilling (TZS) as their primary medium of exchange, residents have embraced the use of Pi coins, a form of cryptocurrency, to facilitate transactions within their community.

The Pi coin is set at a valuation of 1 Pi = $314,159 currently.

Pi network is the first known cryptocurrency which is mine on a mobile phone.

Unlike traditional cryptocurrencies like Bitcoin or Ethereum, which rely on energy-intensive proof-of-work algorithms for mining. Pi Network uses a consensus mechanism called Stellar Consensus Protocol (SCP) , which is said to be faster, cheaper, and more energy efficient.

Users can simply install the Pi Network app on their smartphones and begin mining Pi coins. Pi network ease of use is a contributing factor to its adoption in Tanzania.

News sources:

https://x.com/Kietvv78/status/1775864718592537043

https://x.com/sundaypeter8110/status/1774333559924240801

https://x.com/KhudheyN/status/1774188949788909695