Felix Mutati, the Minister for Technology and Science in Zambia, said that the country is testing technology for crypto regulation.
While speaking in Lusaka, the minister emphasized that although cryptocurrencies present the country’s money future, there’s a dire need for a regulatory framework before mainstream adoption.
To make this a reality, Zambia’s Security Exchange Commission and the Bank of Zambia are working together to set up the necessary digital infrastructure. The government is targeting $4.7 million in digital payments and investments to propel Zambia to be an African tech hub.
According to Mr. Mutati, cryptocurrency will drive financial inclusion and be a game changer for Zambia’s economy.
The sentiments came shortly after the Ethereum founder, Vitalik Buterin, toured the country and met with different stakeholders. He met up with the country’s finance minister and other government officials during his visit.
Related: Zambia partners with UABA to provide blockchain training for government officials
The visit has fueled the discussion around the use and adoption of cryptocurrencies, not just in Zambia but Africa as a whole. There has been a lot of talk over the visit, with many Zambians seeing it as an excellent investment opportunity.
However, Bitcoin maximalists took the chance to express their concerns over the Ethereum network and whether it was genuinely decentralized or under the foundation’s complete control.
Unlike Ethereum, #Bitcoin does not have one person or foundation in control, who can change the rules, debase the currency, and enrich themselves at the expense of Zambia.
If you think the blockchain is exciting, please learn more about Bitcoin, for your country's future.
— 2B4CH 🇨🇭🇸🇻🇨🇫 (@2B4CH) February 17, 2023
The news on crypto regulation come a year after the country announced plans to explore CBDCs. The Bank of Zambia had then warned citizens against using cryptocurrencies, and it will be interesting to see what turn the country takes on its path to being an adoption pioneer in the continent.
