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Zanzibar Government Keen to Get Stakeholders’ View on Cryptocurrencies

During an interview with The Citizen Mudrick Soraga, the Minister of State, stated that his government plans to meet stakeholders in November’s third week. Soraga explained the reasons for such a meeting. He stated:

Before deciding whether the idea is feasible or not, we are looking for opinions. Without input from all stakeholders, such a decision is impossible. This includes banks and ministries of Foreign Affairs and Finance.

According to The Citizen’s report, Soraga met Joe Chuene (a representative from Hypertech) and discussed how the island nation could adopt cryptocurrency.

Haji Semboja is a professor at State University of Zanzibar’s Economics Department who supports the government’s decision not to engage with stakeholders first. Semboja cautioned that finance is an Union issue and the Zanzibar government is therefore obliged to communicate with the Tanzanian government through the Bank of Tanzania.

The report stated that the agreement will allow the governments to develop policies that explain the goals of the digital currency and its benefits.

Definition of Cryptocurrencies Key

Sandra Chogo, a cryptocurrency expert, and author of Jielimishe Kuhusu Blockchain is quoted in the report. She emphasizes the importance of clarifying or defining the status of cryptocurrency first. Only then can the government come up with regulations and decide which regulatory body should regulate cryptocurrency.

Although many experts in the report supported the Zanzibar government’s move towards cryptocurrency, one unnamed economist held a different opinion.

This economist stated that cryptocurrencies must be recognized by global central banks if they are to be an effective and efficient medium of exchange.

The economist stated that currencies are stable worldwide because they are supported central banks through strong monetary policies.

 

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