• The Bank of Zambia and the country’s securities regulators are testing the technology to regulate cryptocurrencies.
• According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve.
• Zambia hopes to use cryptocurrencies to advance its financial inclusion agenda as well as launch its own central bank digital currency (CBDC).
Testing Technology for Cryptocurrency Regulation in Zambia
The Bank of Zambia and the country’s Securities and Exchange Commission are currently testing the technology to regulate cryptocurrencies, according to a statement by the Minister of Technology and Science Felix Mutati. He believes that this “revolutionary technology” can be used to help the nation achieve an “inclusive digital economy”.
Cryptocurrency As A Driver For Financial Inclusion
Mutati further noted that once this envisioned digital payments infrastructure is in place, he foresees a future in which cryptocurrency acts as both the „driver for financial inclusion“ as well as the „change-maker for Zambia’s economy“. Along with using cryptocurrencies, Zambia hopes to also achieve this through launching its own central bank digital currency (CBDC).
Bank Of Zambia’s Stance On Cryptocurrencies
Despite previously discouraging the use of cryptos such as Bitcoin, Mutati’s remarks suggest that President Hakainde Hichilema’s government is now embracing it. Moreover, he claimed that Zambia has established itself an attractive investment destination for many investors.
Creating An Ideal Investment Environment
In order for Zambia to become Africa’s leading technological hub, it needs to put in place certain infrastructures needed for this goal. This includes creating an ideal investment environment and providing investors with access to cutting-edge technologies like blockchain and cryptocurrency markets.
Conclusion
With all these efforts being made by officials, there appears to be a bright future ahead when it comes to integrating cryptocurrency into daily life within Zambian society.