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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