Zanzibar in Tanzania is reportedly exploring ways to adopt cryptocurrency

According to reports, Zanzibar, a semi-autonomous territory of the United Republic of Tanzania, is exploring ways to regulate and adopt cryptocurrencies such as Bitcoin.Bitcoin).

The Zanzibar government plans to hold meetings with stakeholders such as banks and government departments to discuss policies related to the cryptocurrency industry.Minister of State of Zanzibar Mudric Solaga Announce It is scheduled to be sent to the Citizen of Tanzania News Agency on November 10.

This move is part of a potential plan to adopt crypto, as Soraga has met with local crypto enthusiasts before and they assured him that Zanzibar should recognize and adopt cryptocurrency as an official transaction method. The total cryptocurrency market exceeds 3 trillion U.S. dollarsAccording to reports, the official said: “We are seeking advice on this matter before deciding whether it is feasible.”

According to “Citizen”, Zanzibar still has a lot of work to do before cryptocurrency can be adopted in the jurisdiction. Therefore, Professor Haji Semboja of Zanzibar State University stated that the local government will have to formulate policies through the Bank of Tanzania to explain the goals and benefits of digital currencies.

According to reports, Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, pointed out that Zanzibar has a lot of knowledge about evolving technology. “We need to start to learn from other countries about how this technology works. In order for cryptocurrencies to be effective, we will need cryptocurrency policies,” he said.

The latest news from Zanzibar is at the urging of Tanzanian President Samia Suruhu Hassan The country’s central bank begins to explore cryptocurrencies Just like Bitcoin in June.Shortly after this move El Salvador passed the Bitcoin law In early June, it finally made the country the first to adopt Bitcoin becomes legal tender in September 2021.

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

According to some industry figures such as Cardano founder Charles Hoskinson, more countries will Eventually follow in the footsteps of El Salvador By making it a national currency or using cryptocurrency for central bank settlement and other transactions.Although Hoskinson did not specify which countries may be the first to follow El Salvador, it is clear that African countries can serve as The African cryptocurrency market soars by more than 1,200% In a year.

In early November, Input Output Hong Kong (IOHK) of Hoskinson, the R&D department behind CardanoHave, According to reports hold Secretly met with some officials in Zanzibar.As previously reported, Africa has been one of IOHK’s main strategic plans for many years. The organization Launched multiple initiatives in multiple African jurisdictions.