Zambia’s crypto regulation tests to be wrapped by June: Report
Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June.
In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen in the real world,” to assist in forming crypto regulations.
Zambia’s central bank and securities regulator commenced the tests on Feb. 19, which Mutati said was looking to balance safety and innovation:
Additionally, Mutati stated that before cryptocurrencies can be introduced, digital identities and other digital infrastructures need to be implemented.
Related: Swedish Riksbank report looks at collaboration with potential e-krona in retail payments
Although Zambia’s debt restructuring process has been “long delayed,” with the largest portion of its debt owed to creditors from China, Mutati suggested it hasn’t deterred investment in Zambia.
Zambia was the first African country to default at the start of the COVID-19 pandemic in 2020. In a separate April 12 Reuters report, the country’s treasury secretary, Felix Nkulukusa, said thathe nation could lose the gains it achieved from its macroeconomic reforms if the debt restructuring is delayed further.
We continue engaging people on how we can achieve digital financial inclusion. pic.twitter.com/twoMnmI4BK
When Mutati initially announced the country would be testing technology for crypto regulation on Feb. 19, he stated that “through digital payment platforms, people will become much more included in digital financial services.”
He added that “cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s
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