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Zanzibar Shows Interest in Digital Currencies, Seeks Expert Opinion Digital Currency Issue

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Nov 16, 2021

According to the Finance Minister of Zanzibar, the Government is keen on the integration of cryptocurrencies. However, instead of jumping to a conclusion, the Government wishes to receive experts’ opinions on the subject and wants to learn about their viability.

Mudrick Soraga is the Finance Minister within the Government of Zanzibar, a sovereign island state located in the heart of East Africa. The Finance Minister told the local press, The Citizen, that the country’s government is keen on adopting cryptocurrencies. However, the Government’s approach towards adopting cryptocurrencies is not a matter of urgency. Instead, the Government wants to avoid any hasty decisions on the subject and does not wish to end in regretting the decision. He told that the strategy is not to jump to the conclusions.

Soraga further told that the Government of Zanzibar has decided that it should first hold a meeting with the people concerned. In this meeting, the Government would examine the recommendations of the experts on the issue of the viability of virtual currencies. If it turns out that the adoption of virtual currencies is viable then the Government would see if it can adopt them. It has therefore been suggested that invitations for consultation be sent to crypto experts, financial institutions, and crypto-proficient Government officials. He said that without having the stakeholders on board, the adoption of virtual currencies is not possible at all.

The Minister told that in furtherance of the objective, he himself has met with an expert in the field namely Haji Semboja. According to the Minister, Semboja has suggested that adopting cryptocurrency does not involve any harm. Semboja too endorsed the Government’s point of view that stakeholders’ consultation is necessary.

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Semboja further suggested that the issue of crypto is not an individual issue but is an issue that pertains to the Union as well. He, therefore, recommended that before deciding on the issue, Zanzibar Government should first take the Government of Tanzania in confidence. For this purpose, it would be wise to seek guidance from the Bank of Tanzania, opined Semboja.

In any case, the intent is there. The matter now rests on the mutual cooperation of both nations. If it goes well, then it is possible that crypto might be legalized subsequently in Zanzibar and Tanzania.

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