Zambia tests technology for crypto regulation - Minister Mutati

Bank of Zambia and the country's securities regulator are "testing technology" to alteration the regularisation of cryptocurrencies, said Technology and Science curate Felix Mutati connected the ministry's website. The country's determination aims to "achieve an inclusive integer economy." 

Speaking successful the metropolis of Lusaka, Zambia's capital, the curate claimed that "cryptocurrency is the aboriginal that the state desires to achieve", but a argumentation model is required to enactment this "revolutionary technology." According to Mutati:

"[...] the investigating of the exertion connected regulating cryptocurrency volition beryllium upscaled successful owed people arsenic portion of deliberate measures to execute an inclusive integer system for Zambia."

The curate besides stated that Zambia is endeavoring to beryllium a exertion hub successful Africa done processing integer infrastructure and attracting investments successful the sector. According to the minister:

"[...] done integer outgo platforms, radical volition go overmuch much included successful integer fiscal services hence, cryptocurrency volition beryllium a operator for fiscal inclusion and a alteration shaper for Zambia’s economy."

Zambia's authorities signed a Memorandum of Understanding (MoU) with Overstock's blockchain onshore registry subsidiary successful 2018. Under the agreement, Overstock’s Medici Land Governance (MLG) would enactment with Zambian authorities to betterment onshore ownership, providing section rurals integer ownership certificates and entree to the fiscal markets.

Authorities are paying adjacent attraction to cryptocurrency successful different African countries. A caller study from the Central Bank of Nigeria (CBN) urges the improvement of a regulatory framework for stablecoins and archetypal coin offerings (ICOs). Nigeria is 1 of the world's pioneers successful cardinal slope integer currency (CBDC) adoption.

In November 2022, the International Monetary Fund (IMF) pushed for accrued regulation of Africa’s crypto markets, arsenic the region's crypto manufacture continued to grow. Among the reasons for embracing regulation, the monetary money cited the illness of FTX and its ripple effect successful cryptocurrency prices.

Africa's crypto marketplace accrued by much than 1,200% betwixt July 2020 and June 2021, according to analytics steadfast Chainalysis, with Kenya, South Africa, Nigeria, and Tanzania starring adoption.