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Bank of Zambia announces intent to regulate cryptocurrencies, as usage surges


In a significant move, the Bank of Zambia (BoZ) has announced its intent to develop a regulatory framework for the use of cryptocurrencies in the country, cautioning individuals already involved in these transactions that they were doing so at their own risk.

BoZ Governor, Denny Kalyalya, revealed plans for an upcoming meeting to discuss global approaches to cryptocurrency regulation, stating, “This is an evolving issue… we will be having a meeting where we are looking how different countries are positioning on this, so even us we are positioning ourselves how we can regulate.”

Read more: Zambia observing developments in cryptocurrency space, to publish position paper soon

Kalyalya stated that while there was growing interest in cryptocurrencies, the central bank was not issuing them.

He warned: “So far if you have noticed we have not really given any indication what we have is a restriction that if you want to do that, you are on your own, but things have evolved.”

Acknowledging the presence of individuals already trading in cryptocurrencies, Kalyalya stated: “But we know there are some young people who are already dealing in those things but it is not our issuance, they are doing it on their own and if you are a victim you are on your own at this point.

“But we are moving towards getting a framework to regulate that.”

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