fbpx

Zanzibar, a semi-autonomous province in Tanzania, is supposedly checking out ways to manage and adopt cryptocurrencies like Bitcoin (BTC).

The government of Zanzibar will conduct meetings with stakeholders like ministries and banks to discuss possible crypto-related policies. Minister of State Mudrick Soraga announced the plans to Tanzanian news agency The Citizen last week on Wednesday.

The move comes as a potential plan to embrace crypto, as Soraga previously consulted with local crypto fanatics. These crypto traders feel that Zanzibar should take on crypto as a legal form of payment amid the crypto market reaching over $3 trillion. Minister Soraga said:

“We are seeking views on the matter before deciding whether it is viable or not.”

There is still much to be done before Zanzibar can take on crypto as legal tender. The local government must create policies explaining the purpose and benefit of the digital currency through the Bank of Tanzania.

This news from Zanzibar comes months after Tanzanian President Samia Suluhu Hassan prompted the Bank Of Tanzania to begin exploring crypto like Bitcoin. The step came shortly after El Salvador implemented its BTC Law in early June.

Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.