Zambia to maintain a balance between crypto use & innovation
Zambian officials are working to introduce crypto regulation by June of this year, to ensure crypto innovation with citizens’ safety.
Zambia is officially the Republic of Zambia. This country is a fully landlocked country at the crossroads of Central, Southern, and East Africa. The World Bank’s recent report classified Zambia as a lower-middle-income country. Under the jurisdiction of Zambia, the crypto sector is unregulated but trading of crypto assets is not banned. In short, crypto is evolving in Zambia under a grey region.
On 12 April 2023, Zambia’s innovation, science, and technology minister, Felix Mutati, spoke with Reuters. Reportedly the Zambian tech minister said that the country’s central bank and securities regulator commenced the tests on 19 Feb aimed to figure out the practical advantages of crypto regulation in the country and also to ensure the balanced innovation in the crypto sector.
“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,” Felix Mutati.
According to the Zambian minister, the country needs to implement digital identities and other digital infrastructures in the country before crypto regulation.
Furthermore, Mutati dragged attention over the country’s debt-long & delayed restructuring process and said that Zambia is open for investment flow in the country.
Earlier this, Mutati talked about the country’s crypto regulation approach in Feb of this year, and at that time he said that crypto regulation & further crypto innovation will push digital financial services in the country.
Recently few media reported that Zambian treasury secretary Felix Nkulukusa said that the nation could lose the gains it achieved from its macroeconomic reforms if the debt restructuring is delayed further.
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