Zambia Experiments with Technology to Regulate Cryptocurrency – Here's What You Need to Know

cryptonews.com:

The Ministry of Technology and Science has announced that it is testing technology to regulate crypto as Zambia embarks on its mission to become a regional hub.

According to the Technology and Science Minister Felix Mutati, the testing will be done through the Security Exchange Commission and Bank of Zambia. 

He opined that,

"Cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy."

Mutati argued that cryptocurrencies are a revolutionary technology, as well as "the future the country desires to achieve." However, in order to accomplish that, there needs to be a policy framework put in place to support it.

Per the announcement,

"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."

According to the Minister, the technology testing for crypto regulation will be upscaled "in due course as part of deliberate measures to achieve an inclusive digital economy" for the south-central African country.

This type of technology, argued the press release, will enable much higher financial inclusion for the nation's people. The citizens will become a part of digital finance, they'll be able to use the available services, and with this, crypto will drive further financial inclusion and economic change.

Zambian government aims to reach over $4.7 million in digital payments, which it sees as significant for the economy. 

Mutati stated that,

"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."

At the end of July 2018, Trevor Kaunda, Permanent Secretary of the Ministry of Land and Natural