Zambia Tests Technology For Crypto Regulation, Says Minister Mutati — Business d’Or
According to a recent news announcement by the Technology and Science Minister Felix Mutati on the website of Zambia’s ministry, The Bank of Zambia and the country’s securities regulator are currently “testing technology” in order to regulate cryptocurrencies, with the aim of achieving an inclusive digital economy.
The Minister, speaking in Lusaka, claimed that Zambia views cryptocurrency as the future, but recognizes that a policy framework is needed to support this revolutionary technology.
He added that the testing of this technology in regulating cryptocurrency will be expanded in the near future as part of deliberate efforts to promote an inclusive digital economy in Zambia.
The Minister also emphasized that Zambia is working towards becoming a technology hub in Africa through the development of digital infrastructure and attracting investment in the sector.
In 2018, the Zambian government signed a memorandum of understanding with Overstock’s Medici Land Governance, a blockchain land registry subsidiary. The agreement aimed to reform land ownership in Zambia by providing digital ownership certificates to local rural residents and allowing access to financial markets.
Cryptocurrency has been gaining attention from authorities in various African countries. The Central Bank of Nigeria recently called for the development of a regulatory framework for stablecoins and initial coin offerings, as Nigeria has been one of the pioneers in central bank digital currency adoption.
In November, the International Monetary Fund urged increased regulation of Africa’s crypto markets, citing the collapse of FTX and its impact on cryptocurrency prices as one reason for embracing regulation.
According to analytics firm Chainalysis, Africa’s crypto market increased by over 1,200% between July 2020 and June 2021, with Kenya, South Africa, Nigeria, and Tanzania leading the way in adoption.
Business d’Or is a place of motivation for the business world. We are making the world’s most influential leaders and entrepreneurs who are driving change, remodeling organizations and developing a big impact on the world.
Originally published at https://businessdor.com on February 20, 2023.
