Zambia plans to complete an actual crypto use simulation by the end of June, said Felix Mutati, the country’s science and technology minister. The Zambian minister said his country is seeking a balance between innovation and consumer protection.
Zambia needs to build its digital infrastructure before introducing cryptography
According to Zambian Science and Technology Minister Felix Mutati, the country plans to complete testing for actual cryptocurrency use by the end of June. However, Mutati also argued that Zambia needs to focus on building digital infrastructure, including digital IDs, before introducing cryptocurrency.
Mutati’s latest remarks came nearly two months after Zambia first revealed that it was testing technology to regulate cryptocurrencies; as Bitcoin.com News reported in February, Mutati also said that the technology is a condensed version of Zambia’s desired future for crypto praising the currency.
However, despite embodying the future that Zambia craves, crypto poses risks to its users. According to Mutati, the current challenge for the Zambian government is to introduce regulations with the right balance.
“Our main goal in the field of cryptocurrency is innovation in terms of digital payments… (and) balancing the security of citizens, especially considering that cryptocurrencies are very unstable. Central banks are running simulations of this to see what would happen in the real world. The results will assist in the formulation of regulations,” Mutachireported.
Meanwhile, asked about the rate of investment inflows into Zambia, Mutati, a former finance minister, claimed that more investors are willing to invest in the southern African country. The minister also reportedly addressed lingering concerns about the size of Chinese loans, which surpassed $5.7 billion in 2022.
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