Bank of Zambia and the country’s securities regulators have entered the phase of “testing technology” for drafting cryptocurrency-based regulations. It is believed that Felix Mutati, technology and science minister, made the announcement on the ministry’s website about the country’s desire to “achieve an inclusive digital economy,” as stated by Cointelegraph.
“[…] the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia,” Mutati said.
According to Cointelegraph, Zambia aims to be an African technological hub through digital infrastructure’s growth and attracting investments in the area. “[…] through digital payment platforms, people will become much more included in digital financial services hence, cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy,” Mutati mentioned.
On the basis of information by Cointelegraph, Zambian government entered into a memorandum of understanding with Overstock’s blockchain land registry subsidiary in 2018. Insights from the agreement stated that Overstock’s Medici Land Governance would collaborate with Zambian authorities to improve land ownership, give digital ownership certificates to local rurals and access to the financial markets.
Moreover, Cointelegraph noted that authorities are emphasising on cryptocurrency in other African countries. As per a Central Bank of Nigeria report, importance should be laid on the development of a regulatory framework around stablecoins and initial coin offerings (ICOs).
(With insights from Cointelegraph)