Zambia is currently in the development stages of technology for crypto regulation, with the central bank and securities regulators currently testing the tech.
 
The country’s minister of Science and Technology, Felix Mutati stated the testing is being carried out through the Security Exchange Commission (SEC) and Bank of Zambia. 
 
“Cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy,” he stated. 
 
Furthermore, the minister said the need for crypto regulation in Zambia is crucial as the technology “encapsulates the future of the country’s desire to achieve.” 
 
He went on to add that the testing of the regulatory technology will be accelerated within steps to have an inclusive digital economy in Zambia. Mutati also noted that in its bid to become the region’s technology hub, Zambia is setting up the required infrastructure to help the country reach its goal. 
 
Despite the country’s central bank previously stating Bitcoin is not legal tender, recent comments by the minister of Science and Technology signal president Hakainde Hichilema’s government is shifting its stance in relation to crypto usage in the country. 
 
He added that Zambia has established itself as a choice investment destination as the government attempts to reach a target of more than $4.7 million in digital payments. 
 
“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,” the minister stated. 
 
In regard to using crypto to further Zambia’s financial inclusion goals, it’s hoped this will be achieved with the central bank digital currency (CBDC), which is yet to be launched. 
 
Crypto interest is growing steadily throughout Africa, as adoption becomes more widespread. In April last year, the Central African Republic approved Bitcoin as legal tender, the second country in the world to do so after El Salvador.