{"id":51330,"date":"2021-11-17T12:46:01","date_gmt":"2021-11-17T12:46:01","guid":{"rendered":"https:\/\/timestampmag.com\/?p=51330"},"modified":"2021-11-18T12:57:04","modified_gmt":"2021-11-18T12:57:04","slug":"tanzanias-zanzibar-is-looking-to-adopt-crypto","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/11\/17\/tanzanias-zanzibar-is-looking-to-adopt-crypto\/","title":{"rendered":"Tanzania\u2019s Zanzibar is Looking to Adopt Crypto"},"content":{"rendered":"<ul>\n<li>A meeting will be conducted this week to decide whether crypto is viable or not.<\/li>\n<li>\u201cFor cryptocurrency to be effective, we will need policies for cryptocurrency,\u201d said chairman of the Tanzania Bankers Association<\/li>\n<li>Cardano\u2019s IOHK also had secret meetings with some officials in Zanzibar<\/li>\n<\/ul>\n<p>The government of Zanzibar, a semi-autonomous territory in Tanzania, is planning to regulate and adopt cryptocurrencies. Mudrick Soraga, the Minister of State, announced the plans during his <a href=\"https:\/\/www.thecitizen.co.tz\/tanzania\/news\/zanzibar-seeks-stakeholders-views-on-cryptocurrencies-3614154\" target=\"_blank\" rel=\"noopener\">interview<\/a> with the local news agency last week.<\/p>\n<p>The officials are conducting meetings with stakeholders, including ministries and banks, this week to discuss policies related to the <a href=\"https:\/\/timestampmag.com\/2020\/03\/01\/whats-the-crypto-in-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">crypto<\/a> industry.<\/p>\n<p>Soaraga has previously met with local crypto enthusiasts regarding the region\u2019s plan to adopt the new asset class, which surpassed <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/cryptocurrency\/crypto-market-m-cap-hits-3-trillion-mark-will-the-frenzy-continue\/articleshow\/87603782.cms#:~:text=New%20Delhi%3A%20The%20global%20crypto,%2C%20France%2C%20India%20and%20Italy.\" target=\"_blank\" rel=\"noopener\">$3 trillion<\/a> in total market cap this month for the first time.<\/p>\n<blockquote><p>\u201cWe are seeking views on the matter before deciding whether it is viable or not,\u201d the official reportedly said. \u201cYou cannot make such a decision without getting input from stakeholders, including banks and the ministries of Finance and Foreign Affairs.\u201d<\/p><\/blockquote>\n<p>Soraga has also met with Joe Chuene, a representative of Hypertech, to discuss how best they can adopt crypto, according to the report.<\/p>\n<p>But before Zanzibar could adopt cryptocurrency, there is much work to be done. For this, professor Haji Semboja at the State University of Zanzibar said the local government will have to work with the Bank of Tanzania to create policies and explain how it will all work along with crypto\u2019s objectives and benefits.<\/p>\n<p>\u201cWe need to start drawing lessons from other countries on how this technology works. For cryptocurrency to be effective, we will need policies for cryptocurrency,\u201d said Abdulmajid Nsekela, chairman of the Tanzania Bankers Association.<\/p>\n<p>Zanzibar\u2019s crypto exploration comes just months after Tanzania\u2019s President Samia Suluhu Hassan <a href=\"https:\/\/finance.yahoo.com\/news\/tanzania-president-urges-central-bank-092231724.html#:~:text=Tanzania&#039;s%20president%20has%20urged%20the,speech%20Sunday%2C%20according%20to%20reports\" target=\"_blank\" rel=\"noopener\">urged the country\u2019s central bank<\/a> to look into cryptocurrencies. It was around the time El Salvador first announced its plan to make Bitcoin a legal tender, which became law in September.<\/p>\n<h2>Cardano\u2019s Role<\/h2>\n<p>IOHK, the research, and development arm behind the 6th largest cryptocurrency Cardano has also been having <a href=\"https:\/\/twitter.com\/WorldMobileTeam\/status\/1457800436501467136\" target=\"_blank\" rel=\"noopener\">secret meetings<\/a> with some officials in Zanzibar. The organization has actually been launching several initiatives across Africa.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-51332 alignleft\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/11\/cardano.png\" alt=\"\" width=\"1148\" height=\"656\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/11\/cardano.png 1148w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/11\/cardano-300x171.png 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/11\/cardano-1024x585.png 1024w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/11\/cardano-768x439.png 768w\" sizes=\"(max-width: 1148px) 100vw, 1148px\" \/><\/p>\n<p>The meeting hosted by World Mobiel Team was held earlier this month with talks surrounding the technological advancement in the region, with Cardano founder Charles Hoskinson inspecting solar battery modules and telecom station installations in the country.<\/p>\n<p>Cardano Foundation has spent millions of dollars to fund African projects and aims to have Cardano lead blockchain development in African countries. Already, they have struck a deal with the Ethiopian government to launch digital IDs that track the academic performance of students in the region on the Cardano blockchain to improve the quality of education.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A meeting will be conducted this week to decide whether crypto is viable or not. \u201cFor cryptocurrency to be effective, we will need policies for cryptocurrency,\u201d said chairman of the Tanzania Bankers Association Cardano\u2019s IOHK also had secret meetings with some officials in Zanzibar The government of Zanzibar, a semi-autonomous territory in Tanzania, is planning [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":51331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[489,370,137,779,780,778,777],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51330"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=51330"}],"version-history":[{"count":1,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51330\/revisions"}],"predecessor-version":[{"id":51333,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51330\/revisions\/51333"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/51331"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=51330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=51330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=51330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}