Zanzibar Closing In On Crypto Adoption, As African Crypto Market Surges Over 1,200%

November 15, 2021

By Mayowa Adebajo

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Zanzibar like many other African countries is already considering adopting Bitcoin, as the African crypto market saw more than a 1,200% surge in just a year.

According to reports, the government of Zanzibar — a Tanzanian archipelago off the coast of East Africa, is reportedly weighing its options with regards to how it can regulate and adopt cryptocurrencies like Bitcoin (BTC).

Zanzibar Minister of State Makes Announcement

In line with its newly-found interest, the government of Zanzibar is looking to hold meetings with stakeholders from across the board, including relevant ministries and banks to discuss policies related to the crypto space. Zanzibar Minister of State Mudrick Soraga announced while speaking to the Tanzanian news agency The Citizen.

Soraga had earlier met with some local crypto enthusiasts who convinced him that Zanzibar needs to adopt crypto as an official means of the transaction following the total crypto market hitting over $3 trillion. And now according to the official, the government is presently seeking opinions on the matter before delving into it.

According to The Citizen, Zanzibar has a lot of homework and processes to go through before it can adopt cryptocurrency. Therefore, the local government must come up with policies explaining the aims and objectives of adopting digital currencies through the Bank of Tanzania, according to a professor at the State University of Zanzibar, Haji Semboja.

Crypto Adoption Has Been Coming

Not long after El Salvador passed its Bitcoin law in June, the Tanzanian president Samia Suluhu Hassan also urged the country’s central bank to start considering the idea of digital currencies like Bitcoin. And as expected that many other countries will surely follow in the footsteps of El Salvador by either making crypto a legal tender or merely adopting it for transactions like central bank settlements. The East African country’s latest moves come as no surprise, especially as African countries could make a case as the local crypto market surge of over 1,200% within the past year.

There are also reports that Input Output Hong Kong (IOHK), the research and development arm behind Cardano (ADA), held secret meetings with some officials in Zanzibar in early November.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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