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Tanzanian island reportedly seeking avenues to integrate crypto By BTC Peers


A Tanzanian island is reportedly looking for ways to incorporate crypto

The semi-autonomous region of Zanzibar, Tanzania, is investigating ways it can regulate and adopt cryptocurrency like (BTC) as more African nations seek exposure to the crypto market.

A local media outlet reported last week by Mudrick Sóraga that the Zanzibar government intends to communicate with other parties, such as banks and ministries to resolve issues related to digital currency. He stated that “we are seeking views on the matter before deciding whether it is viable or not.”

Soraga previously had met local crypto-fanatics, and they suggested that Zanzibar recognize cryptocurrency and make it an official method of transacting business.

Zanzibar has much work ahead of it before cryptocurrency adoption is possible. Professor Haji Semboja of State University of Zanzibar said that local governments will need to promote policies that highlight the use and benefits of cryptocurrency through the Bank of Tanzania.

Also speaking on the subject, the chairman of the Tanzania Bankers Association, Abdulmajid Nsekela opined that Zanzibar still has a lot to learn about the rapidly growing technology, stating that “we need to start drawing lessons from other countries on how this technology works. For cryptocurrency to be effective, we will need policies for cryptocurrency.”

The news is surfacing months after Tanzanian President Samia Suluhu Hassan compelled the country’s central bank to begin exploring digital currencies like Bitcoin back in June.

Charles Hoskinson, the founder of crypto, believes many countries will adopt it for payments like central bank settlements or to follow the lead of El Salvador, who was the first to legalize Bitcoin. The figures that show the African cryptocurrency market has exploded by more than 1,200% within a year back up Charles Hoskinson’s case.

In other news, Hoskinson’s Input Output Hong Kong (IOHK), which is the research and development arm of Cardano, held talks with some Zanzibar officials behind closed doors in early November.

Africa has been one of IOHK’s hotspots over the years. The organization launched several initiatives in various African countries, and it is now looking to increase its presence within Africa.

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