Crypto News

Zambia tests technology to regulate cryptocurrency – Government Minister –

The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, said a minister in the Zambian government. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a 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, said the country’s Minister of Technology and Science, Felix Mutati. In his remarks published on the ministry’s website, Mutati argued that Zambia needed to regulate this “revolutionary technology” because it “embodies the future the country wants to achieve”.

Mutati also announced that regulatory technology testing will soon be expanded as part of measures to help Zambia achieve an “inclusive digital economy”. Additionally, the minister said that Zambia, which aspires to become the region’s technology hub, is already providing the infrastructure needed to help the country achieve such a goal.

While the Bank of Zambia has historically refrained from using cryptocurrencies like Bitcoin Mutati’s remarks suggest President Hakainde Hichilema’s government is embracing Cryptos.

Meanwhile, the minister also claimed that Zambia has established itself as a preferred investment destination for many investors.

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

Bringing Zambia’s Financial Exclusion Gap

According to the minister, once the planned digital payments infrastructure is in place, he envisions a future where cryptocurrency will be the “driver of financial inclusion.” and the “Changemaker for Zambia’s economy”.

In addition to using cryptocurrencies to advance the country’s financial inclusion agenda, Zambia hopes to achieve this through its yet-to-be-launched Central Bank Digital Currency (CBDC). As reported by News in February 2022, the Bank of Zambia began investigating the pros and cons of using a CBDC and was expected to complete this in the fourth quarter of last year.

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Zambia tests technology to regulate cryptocurrency – Government Minister –, Crypto Trading News

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic woes of some African countries, as well as how digital currencies can provide an escape route for Africans.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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