Zambia Tests Tech to Regulate Cryptocurrency: Gov. Minister

Last Updated: October 12, 2023

• The Bank of Zambia and the country’s securities regulators are currently testing technology to regulate cryptocurrencies.
• Felix Mutati, Zambian Minister of Technology and Science, believes that cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve.
• Zambia is looking to become the region’s technology hub by leveraging cryptocurrencies to bring financial inclusion and drive its economy.

Zambia Testing Technology to Regulate Cryptocurrency

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

Achieving an Inclusive Digital Economy

The Zambian central bank 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 Mutati, has said. In his remarks published on the ministry’s website, Mutati argued that Zambia needs to regulate this “revolutionary technology” because it encapsulates “the future the country desires to achieve.” Mutati also revealed that the testing of the regulatory technology will soon be upscaled as part of measures to help Zambia attain an “inclusive digital economy.”

Bringing Zambia’s Financial Exclusion Gap

According to the minister, once the envisioned digital payments infrastructure is in place, he foresees a future in which cryptocurrency is the “driver for financial inclusion.” as well as the “change-maker for Zambia’s economy.” In addition to using cryptocurrencies to advance its financial inclusion agenda, Zambia hopes to achieve this through its yet-to-be-launched central bank digital currency (CBDC).

Establishing itself as an Investment Destination

In addition, the minister said Zambia has established itself as an investment destination of choice for many investors. “Zambia has created magnetism that attracts investments and it is one of countries in Africa that is becoming a must-be place for investment,” Mutati said.

Conclusion

While The Bank of Zambia had discouraged use of cryptocurrencies like Bitcoin in past times; President Hakainde Hichilema’s government seems embracing cryptos now. With plans underway such as infrastructure development needed for achieving their goal; they hope blockchain powered technologies can bridge their financial exclusion gap while bringing more investments into their nation.

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