Tanzania’s Zanzibar is reportedly exploring opportunities to adopt cryptocurrencies

Zanzibar, a semi-autonomous area in the United Republic of Tanzania, is reportedly investigating ways to regulate and adopt cryptocurrencies like Bitcoin (BTC).

The government of Zanzibar plans to hold meetings with stakeholders such as banks and ministries to discuss guidelines related to the cryptocurrency industry.

Foreign Minister of Zanzibar Mudrick Soraga announced the plan to the Tanzanian news agency The Citizen on November 10th.

The move is part of a possible crypto rollout scheme, as Soraga has previously met with local crypto enthusiasts who assured him that Zanzibar should recognize and adopt crypto as the official trading method in the context of the overall cryptocurrency market reaching more than $ 3 trillion. “We get opinions on it before we decide whether it is viable,” said the official.

According to The Citizen, there is still much to be done for Zanzibar before the jurisdiction can accept the cryptocurrency. Therefore, according to Professor Haji Semboja of Zanzibar State University, local governments need to develop guidelines that explain the goals and benefits of digital currency through the Bank of Tanzania.

Tanzania Bankers Association President Abdulmajid Nsekela noted that Zanzibar still had a lot to learn about burgeoning technology. “We need to start learning lessons from other countries about how this technology works. In order for crypto to work, we need guidelines for crypto, ”he said.

The latest news from Zanzibar comes months after Tanzanian President Samia Suluhu Hassan urged the country’s central bank to begin research into cryptocurrencies like Bitcoin in June. The move comes shortly after when El Salvador passed bitcoin law in early June, eventually making the country the first to accept bitcoin as legal tender in September 2021.

Related:Zimbabwe could be the next country to accept Bitcoin as legal tender

According to several industry insiders like Charles Hoskinson, the founder of Cardano, many countries will follow in El Salvador’s footsteps by making it their national currency or adopting cryptocurrencies for transactions like bank payments. While Hoskinson failed to elaborate on which countries are likely to be the first to see El Salvador, African countries could argue clearly as the African crypto market is up over 1,200% in a year.

In early November, Input Output reported from Hoskinson Hong Kong (IOHK), the research and development arm behind Cardano (ADA). organized secret meetings with several officials in Zanzibar. As previously reported, Africa has been one of the IOHK’s key strategic plans over the years, with the organization launching a number of initiatives in several African jurisdictions.