By BUUMBA CHIMBULU
THE Zambia Institute of Chartered Accountants (ZiCA) is concerned with the slow pace taken by Government to develop rapid technologies such as Artificial Intelligence, Crypto Currency Investments and Central Bank Digital Currency.
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The pace of action has been very slow and not helpful to accountants and practitioners, says ZiCA president, Cecilia Zimba, at the 2023 second quarter media briefing.
Ms Zimba observed that Zambia had seemingly lagged behind in the preparedness in providing guidance, developing regulatory framework and embracing or capitalising on the opportunities presented by these rapid technological advances.
“While we note the few media statements issued by the Bank of Zambia, Ministry of Technology and Science and the Securities and Exchange Commission, the pace of action has been very slow and not helpful to our members and practitioners.
“ZiCA believes that some of these technologies, if implemented properly, are capable of transforming Zambian lives and cultures in a variety of ways including economically, socially, and politically,” she said on Wednesday.
She, therefore, implored Government, through the relevant Ministries that oversee the regulatory institutions in these sectors, to hasten the review and drive the consultative processes related to these developments.
Ms Zimba observed that there was currently no visible stakeholder consultation.
“ZICA would like to comment on some of the global developments that our Members and Practitioners have been confronted with.
“As our Members interact with the public and their clients, they are called upon to provide guidance and advice on the issues related to Artificial Intelligence, Crypto Currency Investments and recently Central Bank Digital Currency and how these affects their practice and their clients,” she said.
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