{"id":17830,"date":"2023-02-19T08:52:04","date_gmt":"2023-02-19T08:52:04","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/zambia-testing-technology-to-regulate-cryptocurrency-government-minister-bitcoin-news\/"},"modified":"2023-02-19T08:52:04","modified_gmt":"2023-02-19T08:52:04","slug":"zambia-testing-technology-to-regulate-cryptocurrency-government-minister-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/zambia-testing-technology-to-regulate-cryptocurrency-government-minister-bitcoin-news\/","title":{"rendered":"Zambia Testing Technology to Regulate Cryptocurrency \u2014 Government Minister \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Bank of Zambia and the country\u2019s securities regulators are currently testing the technology to regulate cryptocurrencies, a Zambian government minister has said. According to Felix Mutati, cryptocurrency is a revolutionary technology that embodies a future his country desires to achieve. <\/strong><\/p>\n

Achieving an Inclusive Digital Economy<\/h2>\n

The Zambian central bank and the country\u2019s Securities and Exchange Commission are in the process of \u201ctesting\u201d technology to regulate cryptocurrencies, the country\u2019s minister of Technology and Science, Felix Mutati, has said. In his remarks published on the ministry\u2019s website<\/a>, Mutati argued that Zambia needs to regulate this \u201crevolutionary technology\u201d because it encapsulates \u201cthe future the country desires to achieve.\u201d<\/p>\n

Mutati also revealed that the testing of the regulatory technology will soon be upscaled as part of measures to help Zambia attain an \u201cinclusive digital economy.\u201d In addition, the minister said Zambia, which is seeking to become the region\u2019s technology hub, is already putting in place the infrastructure needed to help the country achieve such a goal.<\/p>\n

While the Bank of Zambia has in the past discouraged<\/a> the use of cryptocurrencies like bitcoin, the remarks by Mutati suggest that President Hakainde Hichilema\u2019s government is embracing cryptos.<\/p>\n

Meanwhile, the minister also claimed that Zambia has established itself as an investment destination of choice for many investors.<\/p>\n

\u201cZambia has created magnetism that attracts investments and it is one of the countries in Africa that is becoming a must-be place for investment,\u201d Mutati said.<\/p>\n

Bringing Zambia\u2019s Financial Exclusion Gap<\/h2>\n

According to the minister, once the envisioned digital payments infrastructure is in place, he foresees a future in which cryptocurrency is the \u201cdriver for financial inclusion.\u201d as well as the \u201cchange-maker for Zambia\u2019s economy.\u201d<\/p>\n

In addition to using cryptocurrencies to advance the country\u2019s financial inclusion agenda, Zambia hopes to achieve this through the yet-to-be-launched central bank digital currency (CBDC). As reported<\/a> by Bitcoin.com News in Feb. 2022, the Bank of Zambia began exploring the pros and cons of using a CBDC and was expected to complete this in the fourth quarter of the past year.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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