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Crypto adoption in Africa: Zanzibar as a trailblazer?

(Photo: Chinnapong / Shutterstock)

The crypto adoption is still in full swing. Large and small countries alike are still examining how the cryptocurrency industry can be regulated and what advantages digital means of payment offer countries. With the introduction of Bitcoin as legal tender, El Salvador has shown what many countries could now also dare to do.

“Have to learn how this technology works.”

According to reports, Zanzibar, a semi-autonomous state in Tanzania, is investigating opportunities for regulation and introduction of cryptocurrencies. For this purpose, the government plans to hold meetings with stakeholders such as banks and ministries to establish guidelines regarding the cryptocurrency industry to discuss. State Minister Mudrick Soaraga announced the plans to the Tanzanian news agency The Citizen last Wednesday.

More specifically, the country’s plans relate to the introduction of cryptocurrencies as the official method of transaction. “We seek opinions on the matter before we decide whether it is viable or not”, Soaraga continues.

Until it can be more specific, however, a lot of precautions have to be taken. Abdulmajid Nsekela, chairman of the Tanzania Bankers Association, also said that Zanzibar still has a lot to learn about the technology: “We have to start drawing lessons from other countries on how this technology works. In order for cryptocurrencies to be effective, we need guidelines for cryptocurrencies. “

Will African countries drive the cryptocurrency market?

Tanzania already attracted attention in June when President Samia Suluhu Hassan urged the country’s central bank to start researching cryptocurrencies. A few days earlier, Nayib had Bukele. President of El Salvador, who announced Bitcoin as legal tender.

The African crypto market is over in a year 1,200 percent growth. Cardano founder Charles Hoskinson has already stated in the past that other states would imitate El Salvador in the future. Even if the Etheruem co-founder did not give any information about the possible countries, due to Cardano’s involvement in African countries such as Ethiopia, there is definitely the possibility that Hoskinson is primarily referring to African countries.

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Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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