Zambia Testing Technology to Regulate Cryptocurrency — Government Minister

According to a Zambian government minister, the Bank of Zambia and the country’s securities regulators are currently testing technology to regulate cryptocurrencies. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies the future that his country wants to achieve.

Achieving an inclusive digital economy

The Central Bank of Zambia and the country’s Securities and Exchange Commission are in the process of “testing” technology to regulate cryptocurrencies, the country’s minister of technology and science, Felix Muthati, said. In his speech, published on the website of the Ministry Web siteMutati argued that Zambia needed to regulate this “revolutionary technology” because it encapsulates “the future the country wishes to achieve”.

Mutati also said regulatory technology testing will soon be expanded as part of efforts to help Zambia achieve an “inclusive digital economy”. In addition, the minister said that Zambia, aspiring to become the region’s technology hub, is already building the infrastructure necessary to achieve this goal.

While the Bank of Zambia has frowned upon the use of cryptocurrencies such as bitcoin in the past, Mutati’s remarks suggest that the government of President Hakainde Hichilema supports cryptocurrencies.

Meanwhile, the minister also said that Zambia has established itself as an investment destination of choice for many investors.

“Zambia has created a magnetism that attracts investment and is one of the countries in Africa that is becoming a must-see investment destination,” Muthati said.

Creating Zambia’s Financial Exclusion Gap

Once the envisaged digital payments infrastructure is in place, the minister said, he envisions a future in which cryptocurrencies will be “a driver of financial inclusion.” and also “a changemaker for the Zambian economy”.

In addition to using cryptocurrencies to advance the country’s financial integration agenda, Zambia hopes to achieve this with a yet-to-be-launched central bank digital currency (CBDC). As reported by News in February 2022, the Bank of Zambia began looking into the pros and cons of using a CBDC and was due to complete this in the fourth quarter of last year.

Register your email here to receive weekly African news updates in your inbox:

What do you think of this story? Let us know what you think in the comments section below.

Credit :

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker