Zanzibar, a semi-democratic territory in Tanzania, is reportedly exploring means to regulate and adopt cryptocurrencies like Bitcoin (BTC).

The government of Zanzibar is planning to conduct meetings with stakeholders similar banks and ministries to discuss policies related to the cryptocurrency industry. Government minister of State Mudrick Soraga appear the plans to Tanzanian news agency The Citizen concluding week on Wednesday.

The move is part of a potential plan to adopt crypto, equally Soraga previously met with local crypto enthusiasts who assured him that Zanzibar should recognize and adopt cryptocurrency as an official transaction method amidst the total crypto market place hitting over $3 trillion. "We are seeking views on the affair before deciding whether it is viable or non," the official reportedly said.

According to The Citizen, at that place is much work to exist done for Zanzibar before the jurisdiction would be able to adopt cryptocurrency. As such, the local regime volition have to come up upward with policies explaining the objectives and benefits of the digital currency through the Bank of Tanzania, according to professor Haji Semboja at the State University of Zanzibar.

Abdulmajid Nsekela, chairman of the Tanzania Bankers Clan, reportedly noted that Zanzibar has a lot to learn about the growing engineering. "We need to starting time drawing lessons from other countries on how this technology works. For cryptocurrency to be effective, we will need policies for cryptocurrency," he said.

This latest news from Zanzibar comes months subsequently Tanzanian President Samia Suluhu Hassan urged the country'southward central bank in June to begin exploring cryptocurrencies similar Bitcoin. The movement came before long after El salvador passed its Bitcoin Law in early June, eventually making the state in September the first to adopt Bitcoin as legal tender.

Related: ​​ Zimbabwe may be the next state to embrace Bitcoin as legal tender

According to some industry figures such as Cardano founder Charles Hoskinson, many more than countries will eventually follow in the footsteps of El Salvador by making Bitcoin the national currency or adopting crypto for transactions similar cardinal bank settlements. Though Hoskinson did not elaborate on which countries are likely to exist the first to follow Republic of el salvador, a case could potentially be made for African countries, as the African crypto market surged over i,200% in ane year.

In early November, Hoskinson's Input Output Hong Kong (IOHK), the research and development arm behind Cardano, reportedly held cloak-and-dagger meetings with some officials in Zanzibar. As previously reported, Africa has been one of IOHK's key strategic areas over the years, with the organization launching a number of initiatives in multiple African jurisdictions.