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Zambia Takes First Steps in Establishing African Crypto Tech Hub

2 mins
Updated by Geraint Price
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In Brief

  • Zambia wants to regulate cryptocurrency as the country believes that crypto will be a driver for financial inclusion.
  • Last week, Vitalik Buterin had a meeeting with Zambia's Financial Ministry.
  • Nigeria also plans to regulate cryptocurrency to flow with global economic innovations.
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Zambia has become the latest African nation to embrace the digital economy after announcing it was testing technology to enable the regulation of cryptocurrencies.

As countries globally explore a regulatory framework for cryptocurrencies, Zambia does not want to be left behind. Felix Mutati, Zambia’s Science and Technology Minister, discussed the need for crypto regulation in the country’s capital, Lusaka.

Prior to this development, Vitalik Buterin, the co-founder of Ethereum, visited Zambia’s Finance Minster with other Web3 stakeholders.

Zambia Working on Testing Technology for Crypto Regulations

Mutati announced that the Bank of Zambia and the Securities and Exchange Commission are testing the technological requirements for crypto regulations. He believes crypto is the nation’s future, but revolutionary technology needs proper regulations.

The government is building the required digital infrastructure to achieve its target of $4.7 million in digital payments. It also wants to attract investments to become an African tech hub.

Mutati says, “Zambia has created magnetism that attracts investments, and it is one of the countries in Africa that is becoming a must-be place for investment.”

Finally, the minister is optimistic that “cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy.”

Crypto Adoption in African Countries

Zambia is not the only developing African country trying to unlock the potential of cryptocurrency. In December, Ibrahim Babangida, the chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, announced the nation’s intentions to regulate crypto.

Babangida wants the country to flow with global economic innovations by regulating cryptocurrencies.

Last month, Bitcoin traded at a 64% premium, at around $37,000 in Nigeria. It was due to restrictions on cash withdrawals, wherein people could only withdraw a maximum of 20,000 naira, or $43.44, per day. 

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.