Zanzibar is a semi-autonomous territory of the United Republic of Tanzania that is looking at ways to regulate and adopt cryptocurrency like Bitcoin (BTC).
To discuss policy related to cryptocurrency, the Zanzibar government plans to meet with banks and ministries. The plans were announced by Mudrick Soraga, Zanzibar’s Minister of State, to Tanzanian news agency The Citizen in November 10.
This is part of a possible plan to adopt cryptocurrency. Soraga met previously with crypto enthusiasts in Zanzibar, who assured him that the country should accept cryptocurrency as an official payment method. The crypto market has surpassed $3 trillion. According to reports, the official said that they are gathering views before making a decision on whether the idea is feasible.
The Citizen reports that Zanzibar still needs to do much before it can adopt cryptocurrency. Professor Haji Semboja from the State University of Zanzibar said that the local government would need to develop policies to explain the benefits and objectives of digital currency via the Bank of Tanzania.
Abdulmajid Nsekela, chairman of Tanzania Bankers Association, reportedly said that Zanzibar still has much to learn about technology. “We must learn from other countries about how this technology works. He said that policies are necessary for cryptocurrency to be successful.
The latest news from Zanzibar comes months after Samia Suuluhu Hassan, Tanzania’s president, urged the central bank to explore cryptocurrencies such as Bitcoin. This move was made shortly after El Salvador passed its Bitcoin Law in June. It eventually made the country the first to adopt Bitcoin legal tender in September 2021.
Related: Zimbabwe could be the next country that accepts Bitcoin as legal tender
Charles Hoskinson of Cardano, the founder, believes that more countries will follow El Salvador’s lead and adopt crypto for transactions such as central bank settlements or making it their national currency. Although Hoskinson didn’t elaborate on which countries might be next to El Salvador, Hoskinson suggested that African countries could make a case since the African crypto market grew by over 1,200% in a year.
Input Output Hong Kong (IOHK) of Hoskinson, the research and development arm behind Cardano, held secret meetings in November with officials from Zanzibar. As reported previously, IOHK has made Africa one of its key strategic goals over the years. The organization launched a variety of initiatives in various African jurisdictions.
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