Zambia’s Technology Experiments to Regulate Cryptocurrency. Here’s what you need to know

The Ministry of Technology and Science Announcement It is currently testing crypto regulation technology as Zambia embarks upon its mission to be a regional hub.

Felix Mutati, Technology and Science Minister, stated that the testing will take place through the Security Exchange Commission And Bank of Zambia.

He stated that

“Cryptocurrency is a catalyst for financial inclusion and a change-maker for Zambia’s economy.”

Mutati stated that cryptocurrencies were a revolutionary technology and “the future the nation desires to achieve.” To achieve that, however, a policy framework must be in place.

According to the announcement

“Zambia is creating the right digital infrastructure to attract investments in technology, and create access. This will position it as a technology hub in the region.”

The Minister stated that the technology testing required for crypto regulation will be ramped up “in due course” as part of the deliberate measures to create an inclusive digital economy in the country.

According to the press release, this type of technology will allow for greater financial inclusion. Citizens will be able use the services available to them, which will enable crypto to drive economic growth and financial inclusion.

The Zambian government wants to increase digital payments by more than $4.7 million, which it considers important for the economy.

Mutati stated,

“Zambia has created a magnetism that attracts investment and it is one the most desirable countries in Africa to invest.”

Africa is on a crypto roll

Trevor Kaunda was appointed Permanent Secretary of the Ministry of Land and Natural Resources of Zambia at the end of July 2018. He signed a Memorandum of Understanding with Overstock’s Blockchain land registry subsidiary. Per Overstock’s Medici Land Governance, a division of Overstock, would join forces with the Zambian government in reforming land ownership. This would allow local landowners to obtain digital ownership certificates, access to financial markets, and credit, and also give them access to public services.

This is far from the end. Many African nations have begun to test crypto, blockchain, central banks digital currencies (CBDCs) and stablecoins. This has resulted in greater financial inclusion, economic development, simplified, transparent, and streamlined processes.

We saw, among others, that the Central African Republic adopted Bitcoin as legal currency in the past year. This was the second country (after El Salvador) and first African nation to do this.

Soon after, CAR President Faustin Archange Touadera announced that the country was planning to launch a new crypto-project, dubbed Sango. This initiative would help strengthen the country’s position as an emerging African crypto-hub. The nation’s first national cryptocurrency, the Sango Coin was unveiled by authorities in July.

Currently, Kenya’s energy company is in operation KenGen In June, the energy business adopted a green approach towards crypto and announced plans to sell its excess geothermal power to BTC miners. According to the energy business, providing clean energy would allow industry players to meet their energy requirements while reducing carbon emissions from bitcoin mining.

In September, major crypto exchange Binance It has expanded its presence in Africa through a partnership with Nigerian authorities to create a digital economic zone similar to Dubai.

A report from the also recently appeared Central Bank of Nigeria It is strongly recommended The development of a regulatory framework to allow initial coin offerings (ICOs), and the possible use of stablecoins. Stablecoins will likely be a popular payment method in the country, according to the report. The report also addressed the development of the country’s CBDC and the eNaira.

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