The Zambian government is testing new technology to regulate the cryptocurrency industry in the country. The technology being tested will allow the central bank to supervise and test crypto-related services before entering the market and establish a regulatory framework for the industry. The Bank of Zambia and the securities regulator are working to establish a policy framework and infrastructure for digital currency regulations.
The government aims to become a digital currency technology hub in Africa. It is working with the private sector to establish the regulatory framework. The move to regulate the industry comes as a response to the growing demand and the need to protect investors and consumers from potential cryptocurrency risks. The development will provide a clear regulatory framework for the sector, increase investor confidence, and increase investment in the country.
Zambia’s Science and Technology Minister, Felix Mutati, believes cryptocurrency is the future of the nation’s economy and a driver for financial inclusion. Also, Zambia has experienced positive changes in recent years and sees comprehensive crypto regulation as an opportunity for attracting investment.
Zambia is the latest African country to embrace the digital economy, following in the footsteps of Nigeria and seven other African countries with progressive attitudes toward cryptocurrency. There is no specific legislation or regulation in Zambia regarding cryptocurrency. Still, cryptocurrencies are not currently regulated by any government authority.
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