The Bank of Zambia and the country’s securities regulator are “testing technology” to enable the regulation of cryptocurrencies, Technology and Science minister Felix Mutati announced on the ministry’s website. The country’s move aims to “achieve an inclusive digital economy.”
Speaking in the city of Lusaka, Zambia’s capital, the minister claimed that “cryptocurrency is the future that the country desires to achieve,” but a policy framework is required to support this “revolutionary technology
The minister also stated that Zambia is endeavoring to be a technology hub in Africa through developing digital infrastructure and attracting investments in the sector.
Zambia’s government signed a memorandum of understanding with Overstock’s blockchain land registry subsidiary in 2018. Under the agreement, Overstock’s Medici Land Governance would work with Zambian authorities to reform land ownership, providing local rurals digital ownership certificates and access to the financial markets.
Authorities are paying close attention to cryptocurrency in other African countries. A recent report from the Central Bank of Nigeria urged the development of a regulatory framework for stablecoins and initial coin offerings. Nigeria is one of the world’s pioneers in central bank digital currency adoption.
