According to reports, the region of the island of Zanzibar in Tanzania is apparently working on the formalities that will enable them to adopt cryptocurrencies as a financial alternative.
Zanzibar doesn’t want to just adopt crypto into the region but is also looking for ways on how to implement regulations on it as well. This might not be such a surprise, as many countries in the African continent are starting to adopt cryptocurrencies as an alternative way of payment and financial gain. With the cryptocurrency market boosting by more than 1200% alone this year, many individuals have started looking into the crypto space for more unique opportunities.
Research and Regulation
The Minister of State, Mudrick Soroga, stated that the government of Zanzibar are planning to host multiple meetings with banks and other respected ministries in order to talk about the policies and regulations that are to be applied when operating with the crypto space.
Soroga was himself meeting with a bunch of crypto experts, who suggested with confidence that the region of Zanzibar should consider cryptocurrency as an alternative way for financial growth as the crypto market marches forward towards a total valuation of more than $3Million in the future. Soroga stated that they are conducting extensive research that will help them to decide whether the cryptocurrency market is viable for Zanzibar or not.
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Chairman of the Bankers Association in Tanzania, Abdulmajid Nsekela, said that the region still has a lot to learn about this growing industry and the technology involved with it, so for Zanzibar to take full advantage of crypto, new relevant policies must be developed. The President of Tanzania, Samia Suluhu, had previously suggested the central bank start researching cryptocurrencies.
Legal Tender
Bitcoin becoming legal tender in El Salvador was basically a catalyst that has sparked the eyes of many around. Founder of Cardano, Charles Hoskin, predicts that just like El Salvador, many countries around the world will start to take in this developing market, looking for innovative ways to improve financing and solve related issues. It has also been reported that Charles has been in talks with Zanzibar for quite some time now. This is indeed a great sign that the region might end up accepting crypto.
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