Originally published on: October 23, 2024
In a bid to foster the growth of technology startup ventures, Zanzibar’s government has unveiled its latest initiative – the National Blockchain Sandbox. This innovative platform aims to provide a conducive environment for developers to test cutting-edge technologies on the National Blockchain Network.
Priority will be given to projects focusing on financial inclusion, identity verification, and certification issuance, as reported by Kenyan Wall Street. Furthermore, participants in the sandbox will have access to government-sponsored training and incubator programs, offering additional benefits to aspiring entrepreneurs.
Developed by LedgerFi IT based in Dubai, the sandbox will operate on the EVM-compatible layer-1 XDC network, providing a secure and efficient testing ground for innovative ideas. The Bank of Tanzania (BOT) recently introduced a legal framework for fintech sandboxes in the region, signaling the government’s commitment to supporting technological advancements.
Despite previous warnings against cryptocurrency trading, Zanzibar and Tanzania show signs of embracing digital currencies. Plans to adopt cryptocurrency independently and explore central bank digital currencies indicate a shift towards digital financial solutions in the region.
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