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Zambia to Wrap Crypto Regulation Tests by June: Report
The country is also exploring the issuance of a central bank digital currency.
Updated Apr 13, 2023, 6:04 p.m. Published Apr 13, 2023, 8:47 a.m.
Zambia plans on finishing tests that mimic real-life crypto usage by June, the country's Science and Technology Minister Felix Mutati told Reuters on Wednesday. The results from the simulations will assist policymakers in formulating regulations for the sector, according to the minister.
"Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments ... against citizens' safety, particularly given that cryptocurrency is very volatile," Mutati told Reuters.
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Zambia has taken a cautious approach towards crypto. The country's central bank issued a warning in February saying "people who want to deal in them [cryptocurrencies] should have a clear understanding of all the risks that come with such payment and investment instruments,” Bloomberg reported.
The country also said in February it was looking to issue its own central bank digital currency.
CoinDesk has reached out to Mutati for comment.
Read more: Zambia's Central Bank to Explore CBDC Following Crypto Warning: Report
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