Tanzania’s Zanzibar may adopt crypto

Reportedly, Zanzibar is looking to adopt and regulate the crypto market. However, no exact clarity was provided by the officials on this matter. 

According to reports, the government in Zanzibar is planning to hold a meeting with the banks, ministers, and financial authorities regarding crypto regulation matters. 

Last Wednesday, Mudrick Soraga, state minister, announced the plan of crypto regulation in speaking with the Tanzanian news agency. 

Earlier this, Soraga met with a few local crypto players. Local crypto players ensured the ability of the crypto to use for the payment process under compliance. 

Reports confirmed that the new initiative of the Zanzibar government is only to adopt crypto for transaction purposes. We are seeking views on the matter before deciding whether it is viable or not,” the official reportedly said.

From the point of view of the local citizens of Zanzibar, there are many things before going with crypto adoption. For instance, authorities needed to go through many types of work on the framework to ensure the compliance of the crypto-related activities before going under the official jurisdiction to get approval to adopt crypto. 

The chairman of the Tanzania Bankers Association, Abdulmajid Nsekela, said there is a need for huge education in crypto and blockchain. Further continues 

“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,” 

Cardano project pushing Zanzibar toward crypto adoption? 

Adoption news of the crypto by Zanzibar is coming after a recent meeting of Cardano founder Charles Hoskinson. 

In the last month, Cardano’s founder was at Cardano Africa’s tour to push the African countries to adopt blockchain and crypto to modernize their traditional financial infrastructure. Probably this is part of the initiative of Cardano. In particular, Charles met with the many head business and president of Zanzibar to motivate them towards crypto adoption.

Read also: Deputy Governor of the Bank of England says crypto may pose threat to the financial system