The Bank of Zambia and the African nation’s securities regulator are believed to be “testing technology” with regards to enabling cryptocurrency regulation, as announced by the Technology and Science minister Felix Mutati on the ministry’s official website.

The move comes as the nation aims to “achieve an inclusive digital economy” which facilitates cryptocurrency transactions. According to Mutati, “the testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.”

Zambia aims to be regarded as Africa’s technology hub through bolstering infrastructure and attracting foreign investment into the nation’s technology sector and its endeavors. According to Chainalysis, the crypto market in Africa has grown by over 1200% between the period of July 2020 and June 2021, with nations including Nigeria, South Africa and Kenya leading this adoption.

Sources:

https://cointelegraph.com/news/zambia-tests-technology-for-crypto-regulation-minister-mutati

https://news.bitcoin.com/zambia-testing-technology-to-regulate-cryptocurrency-government-minister/

https://ambcrypto.com/zambian-authorities-testing-technology-for-crypto-regulation/