A minister in the Zambian government stated that the Bank of Zambia and the country’s securities regulators are testing the technology to control cryptocurrencies right now. Felix Mutati asserts that cryptocurrency is a revolutionary technology that personifies the kind of future he wants to see for his country.
Achieving An Inclusive Digital Economy
The Zambian central bank and the country’s Securities and Exchange Commission are in the process of “testing” technology to regulate cryptocurrencies, the country’s minister of Technology and science, according to Felix Mutati. In his remarks published on the ministry’s website, Mutati argued that Zambia needs to regulate this “revolutionary technology” because it encapsulates “the future the country desires to achieve.”
Mutati also revealed that the testing of the regulatory technology will soon be upscaled as part of measures to help Zambia attain an “inclusive digital economy.” The minister added that Zambia, which wants to establish itself as the region’s technology hub, is already putting the foundation in place for such an endeavor.
The Bank of Zambia has historically discouraged the use of cryptocurrencies like bitcoin, but according to Mutati, the Hakainde Hichilema administration is now welcoming them.
The minister added that many investors now prefer Zambia as a location for their investments.
“Zambia has created magnetism that attracts investments and it is one of the countries in Africa that is becoming a must-be place for investment,” Mutati said.
Bringing Zambia’s Financial Exclusion Gap
According to the minister, once the envisioned digital payments infrastructure is in place, he foresees a future in which cryptocurrency is the “driver for financial inclusion.” as well as the “change-maker for Zambia’s economy.”
Zambia intends to accomplish this through the yet-to-be-launched central bank digital currency (CBDC), in addition to using cryptocurrencies to advance the nation’s financial inclusion agenda. As reported by Bitcoin.com News in Feb. 2022, the The Bank of Zambia was supposed to have completed its investigation into the benefits and drawbacks of using a CBDC in the fourth quarter of the previous year.
