Zanzibar, a semi-autonomous province in Tanzania’s United Republic of Tanzania, is looking into ways to regulate and implement cryptocurrencies such as Bitcoin (BTC)
Tanzania’s Zanzibar to Adopt Crypocurrency
According to reports, Zanzibar, a semi-autonomous province in the Tanzania’s United Republic of Tanzania, is looking into ways to regulate and implement cryptocurrencies such as Bitcoin (BTC).
The government of Zanzibar intends to organize talks with stakeholders such as banks and ministries to explore cryptocurrency-related policies. Mudrick Soraga, the Minister of State for Zanzibar, revealed the plans to Tanzanian news agency The Citizen on November 10.
The move is part of a possible strategy to accept cryptocurrency, as Soraga recently met with local crypto fans who promised him that, with the overall crypto market reaching over $3 trillion, Zanzibar should recognize and adopt bitcoin as an official transaction method.
“We’re looking for opinions on the topic before deciding whether it’s realistic or not,” the official is believed to have remarked.
There is Still a Lot of Work to be Done
According to The Citizen, there is still a lot of work to be done in Zanzibar before it can accept cryptocurrencies.
According to professor Haji Semboja of the State University of Zanzibar, the local government will have to come up with policies defining the objectives and benefits of the digital currency through the Bank of Tanzania.
Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, is said to have said that Zanzibar has a lot to learn about emerging technology.
“We need to start learning how this technology works from other countries.” “Policies for cryptocurrencies will be required for cryptocurrency to be effective,” he stated.
The recent news from Zanzibar comes months after Tanzanian President Samia Suluhu Hassan ordered the country’s central bank to investigate cryptocurrencies such as Bitcoin in June.
African Crypto Market Over 1,200 percent in a year
According to industry experts such as Cardano founder Charles Hoskinson, many other countries will eventually follow El Salvador’s lead and accept crypto as their national currency or for transactions such as central bank settlements.
Though Hoskinson did not specify other nations are likely to follow El Salvador, African countries appear to have a strong case, given the African crypto market has grown by over 1,200 percent in a year.
Hoskinson’s Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA), reportedly met with some officials in Zanzibar in early November.
As previously reported, Africa has been a significant strategic goal for IOHK over the years, with the organization launching a number of programs across the continent.