Zambia testing technology to regulate the crypto sector

The Bank of Zambia and the country’s securities regulator are outlining a path to introduce perfect crypto regulation in the country.

Zambia is a crypto & blockchain technology adaptive country in the world. Crypto trading is fully legal in the country but the Bank of Zambia, the national Central Bank, warned people many times about the risk associated with cryptocurrencies & suggested deep study about risk before investment. 

Recently The Zambian Technology and Science minister Felix Mutati announced via the government ministry’s official website that the Bank of Zambia & the country’s securities body are “testing technology” to bring a crypto regulation framework to the country. 

The Zambian minister also noted that the country believes in the future potential of cryptocurrencies and also wants to achieve it via a suitable policy framework. 

Mutati said:

“…the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.”

Minister also said that the country aimed to become a center of digital innovation in Africa and also to attract significant investment in the sector. In short, Zambian officials are planning to give a powerful boost to the country’s economy. 

Zambia & Poverty

Zambia is one of the poorest countries in Africa. Approximately 60% of its population is under the poverty line & 40% population is living under the extreme poverty line. 

Zambia’s locality also faces some of the highest transportation costs in the Southern Africa region, as its lands are locked by other countries. The Zambian government’s massive debt load has become a major weight on the economy as a whole, so here such crypto adoption decisions may play a significant role in the country to boost economic development.

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