Zanzibar seeks stakeholders views on digital currency

Cryptocurrency making headlines in Zanzibar’s economy [Image: courtesy]
Zanzibar—“We are seeking views on the matter before deciding whether it is viable or not,” Spoke Zanzibar’s minister of state Economy and Investment, Mr. Mudrick Soraga, saying the country plans to meet stakeholders in seeking views on digital currencies whose uptake is gaining momentum around the world.

“You cannot make such a decision without getting input from stakeholders, including banks and the ministries of Finance and Foreign affairs.” He added.

Mr. Oraga met with a representative of Hypertch Company, Joe Chuene to discuss how best the isles government could adopt a cryptocurrency.

Noting that the transaction volume of Bitcoin alone has reached $3.2 trillion, Mr Chuene called on the government of Zanzibar to recognize and adopt cryptocurrency as a mode of transaction.

“The high-on chain transaction volume of the dominant cryptocurrency has demonstrated the efficiency of the asset. It is high time the revolutionary government of Zanzibar adopted it,” he recommended.

Since entering mainstream use globally, travelers and tourists have been using cryptocurrencies such as Bitcoin as a form of payment for flights, hotels reservations, transportation, and more.

Regulators and policy-makers around the world are continuously evaluating hoe best to address the specific and sometimes novel issues posed by cryptocurrencies.

Sources gather that in the coming year’s blockchain technology which is behind cryptocurrency, would be part and parcel of life even in areas outside financial markets such as health.

Tanzania Bankers Association (TBA) chairman Abdulmajid Nsekela said as technology evolves, a cryptocurrency which has become a global phenomenon in recent years is inevitable.

Africa financial reports tell that the continent amassed 105.6 billion worth of cryptocurrencies in forecasts for the year to June 30, 2021, triggered by peer-to-peer (P2P) transactions in key growth markets