The Bank of Zambia has announced its decision to test new technologies to regulate crypto, collaborating with the country’s financial regulator.
The Bank of Zambia and the Securities and Exchange Commission of Zambia have collaborated to test new technologies for the regulation of crypto. They have also been exploring a definite regulatory policy for the crypto industry, as informed by Zambia’s Technology and Science minister Felix Mutati.
Mutati claimed Zambia wanted to adopt crypto and that it was the future, but a regulatory policy framework was also required to support the technology. He was speaking in Zambia’s capital, Lusaka, confirming that Zambia has taken several initiatives to become a technology hub and attract investments in the industry. Mutati said the testing for the new technologies for crypto regulation would be upscaled steadily to make Zambia an inclusive digital economy.
“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,” said Mutani, referring to Zambia’s efforts in making the country a technology hub through its recent initiatives. Crypto regulation would also play a huge part in boosting its regulatory environment for new technologies. Zambia has also set targets to cross $4.7 million in digital payments, for which they intend to adopt crypto in its payment system.
Zambia and other African countries have been regularly engaging with crypto firms in recent times. Nigeria is another country that has taken strides in adopting a central bank digital currency. With Africa’s crypto market increasing tremendously in the last few years, global regulatory authorities have also implied more regulation for crypto in the region.