According to a Zambian minister, testing for crypto regulations in Zambia would be finished by mid-2023 for further implementation.
Zambia is all set to end testing for crypto regulations by June 2023, after which it may frame crypto laws for the country. The minister for innovation, science and technology in Zambia, Felix Mutati, confirmed the same to a leading daily and hoped that the tests would successfully help the government to frame laws for crypto.
“Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments […] against citizens’ safety, particularly given that cryptocurrency is very volatile,” said Mutati, adding further, “The central bank is simulating that to see what would happen in the real world. The results will assist us (in) the formulation of the regulation.”
The minister was quick to shrug off any concerns regarding the debt restructuring for Zambia and said it would not have any impact on inviting investments to the country. The country was the first African country to default during the pandemic, while it presently owes a significant debt to countries like China. Plans to restructure the debt have been continuously postponed, as even the country’s Treasury Secretary expressed concern.
Months back, The Bank of Zambia and the Securities and Exchange Commission of the country had partnered to test technologies for crypto regulations. Mutati, on the other hand, has been a regular supporter of crypto and has lent his opinion for expanding digital payment platforms to include more Zambians in the space. Africa has been making progress in crypto adoption, with several countries framing crypto adoption laws in their jurisdictions.