Technology and Science Minister Felix Mutati has said Zambia through the Security Exchange Commission and Bank of Zambia is testing technology to enable regulation of cryptocurrency in the country.
Mr. Mutati said while cryptocurrency is the future the country desires to achieve, there is 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.
Speaking in Lusaka, Mr. Mutati said the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.
He said currently, 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.
“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,” Mr. Mutati said.
And Mr. Mutati said the government targets to reach over $4.7 million in terms of digital payments which will as a result be huge for the economy.
He said through digital payment platforms, people will 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.