Zambia Tests Technology to Regulate Cryptocurrency: Government Minister

• The Bank of Zambia and the country’s Securities and Exchange Commission are currently testing a technology to regulate cryptocurrencies.
• Felix Mutati, Zambia’s Minister of Technology and Science, believes cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve.
• The Bank of Zambia has previously discouraged the use of cryptos, but President Hakainde Hichilema’s government is now embracing them in an effort to bring financial inclusion to the region.

Zambia Testing Technology for Cryptocurrency Regulation

The Bank of Zambia and the country’s securities regulators are currently testing technology to regulate cryptocurrencies, according to Felix Mutati, Zambian government minister and Minister of Technology and Science. Mutati argued that this „revolutionary technology“ encapsulates „the future the country desires to achieve.“

Upscaling Regulatory Technology

To help achieve an inclusive digital economy in Zambia, the testing of regulatory technology will soon be upscaled. Additionally, infrastructure is being put in place as part of measures for Zambia’s goal of becoming a regional tech hub.

Bank Of Zambia’s Previous Discouragement Of Cryptocurrencies

In spite of President Hakainde Hichilema’s government embracing cryptos, the Bank Of Zambia had previously discouraged their use. It remains unclear if there has been any policy change from these institutions regarding cryptos at this time.

Financial Inclusion Through Crypto & CBDC

Minister Mutati foresees cryptocurrency as a driver for financial inclusion once a payments infrastructure is in place. Furthermore, Central Bank Digital Currency (CBDC) may also be used as part of efforts towards financial inclusion in the region.

Zambia Establishing Magnetism For Investments

Mutati also claimed that investors have taken note, making Zambia an investment destination choice for many people wanting to invest in Africa. He stated that “Zambia created magnetism that attracts investments and it is one of the countries in Africa that is becoming a must-be place for investment.“