Zambia’s cryptocurrency simulation tests to inform cryptocurrency regulation
Ensuring proper digital infrastructure, including digital identities, before introducing cryptocurrency is critical.
In a recent update, Zambia’s Science and Technology minister, Mr Felix Mutati, told Reuters that its Central Bank is conducting tests simulating real-world cryptocurrency use. The tests, scheduled to be completed by June, will help inform and guide the regulations. The Minister also acknowledged that the country needs proper digital infrastructure, including digital identities, before introducing cryptocurrency. Mutati emphasized that the main aim is to enhance the digital payment ecosystem by fostering innovation while simultaneously preserving citizens’ safety.
Earlier this year, Zambia announced it would soon introduce cryptocurrency regulation regulating crypto assets, specifically targeting Central Bank Digital Currency (CBDC).
Worldwide, there is a renewed emphasis on regulating cryptocurrencies, especially with the dip in the prices of digital currencies following the collapse of the FTX exchange.
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.