Bank of Zambia Piloting on Crypto Regulatory Technology
The Central Bank of Zambia has liaised with the country’s securities exchange commission (SEC) to launch a pilot test for new technology developed to control crypto-related activities. A statement issued on February 17 by the Zambian Minister of Technology and Science, Felix Mutati, revealed plans for the government to invest more in cryptocurrency.
In his address, Mutati confessed that crypto assets are the next revolutionary technology that matches the country’s plans.
Adoption of Digital Economy in Zambia
A press release posted on the Zambian Ministry of Technology on February 17 revealed that the regulators are conducting the preliminary pilot test for the new crypto regulatory innovation. The report disclosed that cryptocurrency has the potential to enable Zambia to realize long-term objectives.
Following this, Zambian Minister of Technology Felix Mutati challenged the legislators to take action in regulating crypto. The strategic moves in crypto regulation prompted the Zambian government to prioritize developing a new legal system.
On February 17, Mutati revealed that the regulators had joined efforts to test the newly launched regulatory device. He argued that the innovation had inspired the authority to prioritize upscaling the technology to adopt changes in the digital economy.
Besides the new legal system, Mutati is establishing the latest innovations to make Zambia a burgeoning technology center. He stated that the efforts made by the Zambian government aimed at attracting local and foreign investors. Mutati confessed that Zambia aims to become a home of investment in Africa.
Efforts Made in Promoting Financial Inclusion
Nonetheless, Mutati recognized the contribution of President Hakainde Hichilema in the ongoing crypto adoption in Zambia. In his latest move, President Hichilema opposes the bank of Zambia crypto restrictions in 2018.
Meanwhile, Zambia has established an innovative digital payment system for cryptos. Mutati is optimistic that crypto will improve the country’s financial inclusivity to stimulate economic growth.
The attempt to eliminate financial exclusion in Zambia prompted the government to set plans to launch the central bank digital currency( CBDC). The team behind the Zambia CBDC have taken action to research the risks, threats and benefits of digital currency.
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