Zanzibar is reportedly exploring ways to regulate and adopt cryptocurrencies like Bitcoin.
The government of Zanzibar is preparing to conduct meetings with stakeholders such as banks and ministries to discuss policies related to the cryptocurrency industry.
The decision is part of a potential plan to adopt crypto, and that Zanzibar should recognize and adopt cryptocurrency as an official transaction method due to the total crypto market hitting over $3 trillion
The chairman of the Tanzania Bankers Association reportedly noted that Zanzibar has a lot to learn about the growing technology and should start learning from other countries on how this technology works and adopted. He also noted that policies would need to be implemented in order for cryptocurrency to be effective This news from Zanzibar comes months after Tanzanian President urged the country’s central bank to begin exploring cryptocurrencies like Bitcoin. The decision came shortly after El Salvador passed its Bitcoin Law in early June, eventually making the country in September the first to adopt Bitcoin as legal tender.
