Zanzibar, a semi-autonomous territory of Tanzania, is studying the possibility of regulating and adopting cryptocurrencies such as Bitcoin (BTC).
The Zanzibar government plans to hold a meeting with stakeholders such as banks and ministries to discuss policies related to the cryptocurrency sector. State Minister Mudrick Soraga announced the plans to Tanzanian news agency The Citizen last week on Wednesday.
The move is part of a potential plan to embrace cryptocurrencies, as Mr. Soraga has already met with local crypto enthusiasts who have assured him that Zanzibar should recognize and accept cryptocurrencies as an official transaction method in a situation where which the total cryptocurrency market exceeds $ 3 trillion. .
“We are asking for opinions on this issue before deciding whether or not it is viable.”
– the official would have said.
The need for policies and regulations
According to The Citizen, Zanzibar has a lot of work to do before the jurisdiction can accept cryptocurrencies. According to Professor Haji Semboi from Zanzibar State University, this will require the local government, through the Bank of Tanzania, to develop a policy that explains the goals and benefits of digital currency.
Abdulmajid Nsekela, president of the Tanzania Bankers Association, noted that Zanzibar still has a lot to learn about this emerging technology.
“We have to start learning from other countries how this technology works. For cryptocurrency to be effective, we will need a cryptocurrency policy. “
This latest news from Zanzibar comes months after Tanzanian President Samia Suluhu Hassan in June asked the country’s central bank to start exploring cryptocurrencies like bitcoin. The move came shortly after El Salvador passed its bitcoin law in early June, making the country the first to adopt bitcoin as legal tender in September.
Zanzibar follows in the footsteps of El Salvador
According to some industry figures, such as Cardano founder Charles Hoskinson, many other countries will eventually follow in El Salvador’s footsteps by making bitcoin a national currency or adopting cryptocurrency for transactions like central bank settlements. Although Hoskinson did not specify which countries are likely to follow El Salvador first, one could speak of African countries, as the African cryptocurrency market has grown more than 1,200% in one year.
In early November, Hoskinson’s Input Output Hong Kong (IOHK) company, behind Cardano’s research and development, held secret meetings with some officials in Zanzibar. As we have already reported, Africa has been one of the main strategic focus areas for IOHK in recent years, as the organization has launched a number of initiatives in various African jurisdictions.
It is quite possible that other countries will follow suit and that in some time it will be possible to pay in cryptocurrencies in more places. Feel free to also participate in our official Discord server HERE.
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