By George Ward
A minister in the Zambian government reported recently that the country is implementing new technology to watch over digital assets activities. According to him, this technology will be used on various grounds throughout the country.
The minister of technology and science for the country, Felix Mutati, announced that the country’s central bank and its Securities and Exchange Commission are putting some levels of work into testing a technology that will regulate cryptocurrencies in the country. Mutati believes that cryptocurrency is the future technology that will change many things. Due to this fact, the country intends to maximize the use of this innovative financial technology.
A Scalable Technology
Mutati added that the technology the country is trying to implement for crypto regulation is also scalable. This technology is one of the processes that will assist the country in achieving its goal of creating an inclusive economy.
The minister made the public understand that Zambia has plans to be the center of innovative technology in their region. Accordingly, the country is putting in place the infrastructure that will assist it in meeting its objectives.
It was recently noted that the Zambian banking sector made efforts to prevent the use of cryptocurrency in the country, particularly Bitcoin. However, Mutati’s remarks indicated that the current administration of President Hakainde Hichilema is open to the use of cryptocurrency.
He mentioned that the country had created an investment-friendly environment that attracts investment like a magnet. He added that no African country had achieved the level at which the country is currently.
Useful Technology For The Future
Once the digital payment infrastructure is in place, the minister believes that crypto will enable individuals and businesses to access useful and cheap financial services and products. These services and products will satisfy their needs since they are offered responsibly and sustainably.
The government official also said it would be a game changer for the country’s economy. Zambia intends to achieve this goal through its central bank’s yet-to-be-launched digital currency and by leveraging cryptocurrencies to further the country’s financial inclusion objective.
Zambia’s apex bank decided to establish a CBDC because it believes it can minimize financial exclusion and the costs of transactions.