• Felix Mutati, Zambia’s Minister of Technology and Science, has said that the Bank of Zambia and the country’s securities regulators are currently testing technology to regulate cryptocurrencies.
• The goal is to help Zambia attain an “inclusive digital economy” and become the region’s technology hub.
• The Bank of Zambia is hoping to use cryptocurrencies to advance its financial inclusion agenda, as well as a yet-to-be-launched central bank digital currency (CBDC).
Testing Technology to Regulate Cryptocurrency
The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, according to Felix Mutati, Zambian government minister. This technology will help the country attain an “inclusive digital economy” and become the region’s technology hub.
Inclusion Digital Economy
Mutati argued that cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve. He 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”. In addition, he said Zambia, which is seeking to become the region’s technology hub, is already putting in place the infrastructure needed to help them achieve such a goal.
Cryptocurrency Use Discouraged
While the Bank of Zambia has in the past discouraged the use of cryptocurrencies like bitcoin, this article suggests that President Hakainde Hichilema’s government might be embracing cryptos. Mutati claims that once this envisioned digital payments infrastructure is in place he foresees a future where cryptocurrency will be used for financial inclusion as well as being a „change-maker“ for their economy.
Central Bank Digital Currency (CBDC)
In order reach their goals with cryptocurrency they are looking into using a central bank digital currency (CBDC). As reported by Bitcoin.com News earlier this year, The Bank of Zambia began exploring these pros and cons of using CBDC and was expected be completed by last quarter.
Investment Destination
Mutati argues that because they have created this magnetism for investments it makes them one of Africa’s top investment destinations at present time. By utilizing new technologies like cryptocurrency they can continue encouraging investors from all over while fulfilling their vision for an inclusive digital economy moving forward