Last updated on April 18th, 2023 at 01:34 pm
Thank you for reading this post, don't forget to subscribe!
Recently, Zambia’s innovation, science and technology minister, Felix Mutati, said the country needs digital identities and other necessary digital infrastructures before it introduces crypto, the purpose of conducting the tests was to help the government “see what would happen in the real world,” to assist in forming crypto regulations.
Zambia’s central bank and securities regulator commenced the tests on Feb. 19, which Mutati said was looking to balance safety and innovation:
“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.”
Additionally, Mutati stated that before cryptocurrencies can be introduced, digital identities and other digital infrastructures need to be implemented.
Also Read: Nigeria Crypto Based Fintech Shuts Down Operations.
Although Zambia’s debt restructuring process has been “long delayed,” with the largest portion of its debt owed to creditors from China, Mutati suggested it hasn’t deterred investment in Zambia.
“What we are seeing is increased appetite to invest in Zambia.”
Zambia was the first African country to default at the start of the COVID-19 pandemic in 2020. In a separate April 12 Reuters report, the country’s treasury secretary, Felix Nkulukusa, said thathe nation could lose the gains it achieved from its macroeconomic reforms if the debt restructuring is delayed further.
