• The Bank of Zambia (BoZ) and the Securities and Exchange Commission are developing technology to regulate crypto in Zambia.
• The government aims to reach over $4.7 million in digital payments, which will help bridge the financial exclusion gap in Zambia.
• The Central Bank of Nigeria published a report titled „Nigeria Payments System Vision 2025“ to create a legal framework surrounding stablecoins and ICOs.
Regulating Crypto In Zambia
The Bank of Zambia (BoZ) alongside the country’s Securities and Exchange Commission is developing technology to regulate crypto, according to the country’s minister of Technology and Science, Felix Mutati. Mutati remarks that „cryptocurrency is the future the country desires to achieve.“ However, a policy framework is needed to regulate this „revolutionary technology.“
Inclusive Digital Economy
In the published announcement, Mutati states that the testing will soon be upscaled to help Zambia ensure an „inclusive digital economy,“ mentioning that the government targets to reach over $4.7 million in terms of digital payments, which will help bridge the financial exclusion gap in Zambia. Speaking in Lusaka, the capital city, the minister also shared Zambia’s aim to become a technology hub in Africa.
„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,“ said Mutati. Previously, the Zambia government signed a memorandum of understanding in 2018 with Overstock’s blockchain land registry subsidiary to restructure land ownership by providing digital ownership certificates.
In 2022, BoZ shared its plans to conduct research on launching a CBDC hoping to cut transaction costs and increase citizen participation. The research was expected to end in last quarter of 2022. Regulators in other African countries are also looking into establishing better frameworks for cryptocurrency such as Nigeria presenting their plans back December 2020 regarding cryptocurrency regulation aiming better flow with global economic innovations“.
The International Monetary Fund called for tighter crypto regulation on February 2021 considering immense market growth on African continent due collapse FTX ripples throughout industry investor security being priority for authorities like those from Zambian pushing for development such CBDCs & stablecoin/ICO legal framework through their vision 2025 program set out by Central Bank Nigeria ultimately bridging financial exclusion gap seen within African continent increasing investor security protection desired by all investors