The Bank of Zambia and the country’s securities regulator are currently testing technology to regulate cryptocurrencies, according to Felix Mutati, a government minister in Zambia, who said that cryptocurrencies are a revolutionary technology that embodies the future, he said.
To create an inclusive digital economy
Zambia’s central bank 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 remarks posted on the ministry’s website, Mutati claimed that Zambia is “testing” technology to regulate cryptocurrencies. Mutati argued that Zambia needs to regulate this “revolutionary technology.” This is because it is a condensed version of the “future that the country wants to achieve.
Mutachi also revealed that testing of regulated technology will soon be expanded as part of measures to help Zambia achieve an “inclusive digital economy.” The minister further stated that Zambia, which is seeking to become a regional technology hub, already has the necessary infrastructure in place to achieve such a goal.
The Bank of Zambia has in the past encouraged the use of cryptocurrencies such as Bitcoin, and statements by Mutati suggest that President Hakainde Hichilema’s government is embracing crypto.
Meanwhile, the minister also claimed that Zambia has established itself as the investment destination of choice for many investors.
“Zambia has created a magnetism that attracts investment and has become one of the countries in Africa that is always chosen as an investment destination,” Mutati said.
which leads to a financial exclusion gap in Zambia
According to the minister, he foresees a future where cryptocurrencies will be “drivers of financial inclusion” and “transformers of the Zambian economy” once the envisioned digital payments infrastructure is in place.
In addition to using cryptocurrencies to advance the country’s financial inclusion agenda, Zambia hopes to accomplish this through the yet-to-be-launched Central Bank Digital Currency (CBDC).As Bitcoin.com News reported in February 2022, Zambia Bank began a study of the pros and cons of using CBDC and was expected to complete this in the fourth quarter of last year.
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