Zambia Develops Crypto Currency Policy Framework For Inclusive Digital Economy Capai

Minister of Technology and Science of Zambia, Felix Mutati. (photo: twitter @MutatiFelix)

JAKARTA - The state's Bank Zambia and securities regulator are working together on digital infrastructure development and policy frameworks for cryptocurrencies. In an announcement on the website of the Ministry of Technology and Science, Minister Felix Mutati said that the country wants to achieve an inclusive digital economy and see cryptocurrencies as part of the goal.

Mutati also mentioned that a policy framework needs to be created to support this highly revolutionary technology. Banks and regulators are testing technology to regulate cryptocurrencies, and this will continue to be developed in an effort to achieve an inclusive digital economy for Zambia.

Zambia is also working to become a technology center in Africa by developing digital infrastructure and attracting investment in this sector. The minister said that through digital payment platforms, the public would increasingly engage in digital financial services, and crypto would be the driving force for financial inclusion and change for the Zambia economy.

The Zambian government previously signed a cooperation agreement with its subsidiary of Overstock blockchain land records firmung Land Governance, in 2018. Through this collaboration, Overstock helped the Zambian government reform land ownership and provide digital ownership certificates as well as access to financial markets for rural communities.

Meanwhile, regulators in other African countries are also starting to pay attention to cryptocurrencies, such as the Nigerian Central Bank which recently prompted the development of a policy framework for stablecoin and initial coin offering (ICO). Nigeria is also one of the pioneers in the world in the adoption of central bank digital currencies.

The growth of the crypto industry in Africa continues to grow, and among the countries leading adoption is Kenya, South Africa, Nigeria, and Tanzania. According to analytics firm Chainalysis, the crypto market in Africa has increased by more than 1,200% between July 2020 and June 2021.