Zanzibar is a semi territory located in Tanzania, and the news is at a very high peak that they have been exploring different ways to adapt and regulate different kinds of cryptocurrencies like Bitcoin and dogecoin. It is known that the government of Zanzibar is trying to get engaged in various activities to boost the location of cryptocurrencies. They have been dealing with some meetings with banks and another ministry of finance and affairs for the regulation and the discussion of the policies related to cryptocurrencies. The news went viral when the state minister announced this news in The Citizen.
This move is known to be a revolutionary one as they have been planning to adapt the cryptos at a higher and at a higher level. They assured that the state would be known for the transactions with the crypto amid the $3 trillion dollars of the crypto market. They said that they are still in the process, and nothing is confirmed. They exclaimed that they have been hearing proposals about the legalization and the regulation of the cryptocurrency to date and would come to a conclusion after a thorough investigation.
They should know that whether the cryptocurrency is a viable method of transaction or not. There can be chances that in the future, these cryptos may collapse. According to the minister itself, it has been stated that there is a lot of work which is needed to be done. According to professor Haj, the government should come up with legal documentation stating all the facts why the use of digital currencies like this is better. They added that they have to take lessons from other crypto nations about how to regulate the whole state. They ended up exclaiming that there is a long way to go and make policies accordingly.