206
According to reports, the government of Zanzibar — a Tanzanian archipelago off the coast of East Africa, is reportedly weighing its options with regards to how it can regulate and adopt cryptocurrencies like Bitcoin (BTC).
Zanzibar Minister of State Makes Announcement
In line with its newly-found interest, the government of Zanzibar is looking to hold meetings with stakeholders from across the board, including relevant ministries and banks to discuss policies related to the crypto space. Zanzibar Minister of State Mudrick Soraga announced while speaking to the Tanzanian news agency The Citizen.
Soraga had earlier met with some local crypto enthusiasts who convinced him that Zanzibar needs to adopt crypto as an official means of the transaction following the total crypto market hitting over $3 trillion. And now according to the official, the government is presently seeking opinions on the matter before delving into it.
According to The Citizen, Zanzibar has a lot of homework and processes to go through before it can adopt cryptocurrency. Therefore, the local government must come up with policies explaining the aims and objectives of adopting digital currencies through the Bank of Tanzania, according to a professor at the State University of Zanzibar, Haji Semboja.
Crypto Adoption Has Been Coming
Not long after El Salvador passed its Bitcoin law in June, the Tanzanian president Samia Suluhu Hassan also urged the country’s central bank to start considering the idea of digital currencies like Bitcoin. And as expected that many other countries will surely follow in the footsteps of El Salvador by either making crypto a legal tender or merely adopting it for transactions like central bank settlements. The East African country’s latest moves come as no surprise, especially as African countries could make a case as the local crypto market surge of over 1,200% within the past year.
There are also reports that Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA), held secret meetings with some officials in Zanzibar in early November.
- Price Analysis
- Trending
- Crypto.com Coin Price Analysis: CRO Token Rally Resumes; Is There Still An Entry Opportunity?
- Tron Price Analysis: TRX Coin Breaks Out From The Previous Swing High. Is This A Good Time To Buy?
- KuCoin – KCS Price Analysis: KCSUSDT signals long only through Q4 ’21 with RSI values piercing above level-75 across multiple time frames
- Ethereum Price Prediction: ETH is Expected To Continue Price Discovery Above $5,000
- Bitcoin Price Prediction: Taproot Upgrade To Propell BTC To $69,600 This Week
- Keep Network Price Analysis: The KEEP Could Reach The $1.5 Mark If It Reclaims The Crucial Barrier Of $1.08
- Dogelon Mars Analysis: ELON Price Taking A Short Break, Will Its Rally Continue Or Dip More?
- Harmony Price Analysis: When Will ONE Token Retracement Phase End? Watch For These Crucial Support Levels.
- Reserve Rights Price Analysis: The RSR/USD Suggests More 18% Gain In The Upcoming Days
- XRP Price Prediction: Is It A Good Time to Long XRP? Here Are Important Levels to Watch out
- ParaSwap Issues Out 150 Million of Its New Token In Airdrop, Here’s How Eligible Users Can Claim
- El Salvador President Claims the County Has More Bitcoin Wallets Than Bank Accounts
- Binance aims to transform from a technology giant to a financial services company
- Latest Turn in Kleiman vs Wright Lawsuit Claims Bitcoin Was Created by `Two Individuals
- Taiwan regulators list Crypto under new category to impose stricter policies
- Ethereum Price Prediction: ETH is Expected To Continue Price Discovery Above $5,000
- Bitcoin Price Prediction: Taproot Upgrade To Propell BTC To $69,600 This Week
- Crypto India: Parliamentary Panel to discuss Pros and Cons of Crypto Today
- Shiba Inu To Get Listed on Kraken Next After Gemini, Can it Help $SHIB Break Key Resistance?
- Can meme numbers like ‘420’ and ‘69’ make a difference? Musk believes so
