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Zambia testing cryptocurrency  technology, policy framework in  the works —Minister Mutati


Technology and Science Minister Felix Mutati has said Zambia through the Security Exchange Commission  (SEC) and the  Bank of Zambia (BoZ) is testing technology to facilitate  regulation of cryptocurrency in Zambia.

Mutati observed  that  while cryptocurrency was  the future the country desires to achieve, there was a  need for a policy framework that supports this revolutionary technology.

Cryptocurrencies are digital currencies that use blockchain technology to record and secure every transaction used as a digital form of cash to pay for everyday items.

He said in Lusaka on Wednesday that  the testing of the technology on regulating cryptocurrency would be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.

Read more: Online transactions breeding digital fraud, businesses warned to protect their processes

“Already, Zambia is putting in place appropriate digital infrastructure, attracting investments in technology and creating access thereby positioning itself to be a hub of technology in the region,” Mutati said.

He disclosed  that Zambia has created magnetism that attracts investments and it is one of the countries in Africa that is becoming a must be to place for investment.

Mutati added  that  government targets to reach over US$4.7 million in terms of digital payments which will as a result be huge for the economy.

He was confident  that through digital payment platforms, people would 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.

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