Sunday, April 14, 2024

Zanzibar, Tanzania, is apparently looking into adopting cryptocurrency

A few months ago, Tanzanian President Samia Suluhu Hassan asked the central banks in the country to look into the growth potentials of crypto. Like many other counters, the Tanzanian president saw potential in crypto and wanted to find out how it could integrate with the country’s pre-existing economy. It was a few days after El Salvador officially adopted Bitcoin as a legal tender. While El Salvador’s move gave confidence to many countries like Tanzania, a solid framework was never in place. That seems to be changing now, with Zanzibar looking into the possibilities of cryptocurrency with intent.

Zanzibar is an autonomous region under the government of Tanzania and might be the first region in Africa to legally adopt Bitcoin for everyday transactions. Mudrick Soraga, Minister of State, spoke to the news outlet The Citizen regarding crypto plans in the region.

While talking about the future of crypto in Zanzibar, Soraga admitted that a lot of work is yet to be done. The infrastructure in Zanzibar is nowhere close to being able to support a full-fledged cryptocurrency ecosystem. On top of that, most citizens of Zanzibar don’t yet know how to use the technology correctly. Given the security threats and cybercrimes related to crypto, a proper understanding of the mechanics is necessary before adopting it en masse. How things work out for Tanzania will have a huge implication on crypto’s future in the African continent. Many countries from the continent have shown active interest in crypto, and Zanzibar might be the one to lead the way.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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