Friday, June 21, 2024

Zambia Testing Technology to Regulate Cryptocurrency – Minister Mutati

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The government of Zambia is working towards regulating cryptocurrency in the country by testing new technology, according to Technology and Science Minister Felix Mutati. In a statement, Mutati said that Zambia is keen to embrace the future of cryptocurrency, but stressed the need for a policy framework that supports the technology.

Cryptocurrencies use blockchain technology to record and secure transactions and are increasingly used as a digital form of cash for everyday items. The testing of technology on regulating cryptocurrency will be upscaled as part of deliberate measures to achieve an inclusive digital economy for Zambia, Mutati added.

He further noted that Zambia has been attracting investments in technology and creating access, thereby positioning itself to be a hub of technology in the region. According to Mutati, the government is targeting over $4.7 million in digital payments, which would be huge for the economy.

“Through digital payment platforms, people will become much more included in digital financial services, hence cryptocurrency will be a driver for financial inclusion and a change maker for Zambia’s economy,” Mutati said.

Cryptocurrencies have grown in popularity in recent years, with the likes of Bitcoin and Ethereum capturing the public’s attention. The technology behind cryptocurrencies, blockchain, has also been adopted by various industries, with potential use cases including supply chain management, real estate and healthcare.

The move by Zambia to regulate cryptocurrency could signal a growing trend in Africa towards greater adoption of the technology. Other African countries, including Nigeria and Ghana, have also been exploring the use of cryptocurrencies and blockchain technology.

As the world becomes increasingly digital, the use of cryptocurrency is likely to become more widespread. By regulating cryptocurrency, Zambia could potentially unlock a new era of economic growth and financial inclusion for its citizens.

19 COMMENTS

  1. Perish the thought, Minister. Cryptocurrency is utopian and will never be mainstream. Its promoters dreamed of a world where there’s no government-backed currency so that the money supply is completely controlled by private interests. In other words, economic policy becomes privatised. That’s utopia itself and cannot be our priority whn we hv not even taken ean water to all our people.

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  2. Sounds intelligent but is Crypto regulations a priority in Zambia? A country with multitude of things requiring serious regulations such as Land, Mining, Food hygiene, Drainage, Energy, Health…the list goes on.

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    • You hv brought in another dimension my friend and I do not know hw to thank you. We hv not seen economic success under a government-backed monetary system but somehow Minister Mutati thinks we should entertain cryptocurrency. Keep your eyes on the real ball, Honourable Mutati.

  3. Am a potential investor in crypto health care systems. But father Mutati tell us how Zambia Is testing otherwise you sound rhetoric

  4. This man is just a sweet talker who has enjoyed benefits from every ruling party in govt…just give him ministerial job and he will talk nothings all day. If he talk was worth its salt in gold Zambia would have launched the satelite by now but it was all Mutati sweet talk.

  5. Just cut and paste statements. Does he even understand what they mean? I think we need water and electricity before people start playing with crypto

  6. This is not a thought through statement. With everything happening around Cryptos, I’d be expecting government in a developing country to at least be more observant than enthusiastic about it. The biggest input into crypto mining is energy, Zambia does not have excess capacity for this venture.

  7. Mutati is just another empty suit getting paid for nothing. The man is clueless about that ministry, but has to yap just to seem relevant and stay in the job. SMH

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  8. This man is always dreaming…..he lterally has nothing to do………ati Upnd alliance …kikikiki
    Please get rid of him…..let him go back to MMD and PF. He was part system that destroyed this economy.

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  9. This relic thinks crypto is like BOZ promissory note. Boy o Boy!! You need so much energy to power those computers. People in some developed countries are facing energy shortages because of computers near their towns drawing prodigious amount of energy. I know he is talking rubbish just like the talk on nuclear energy I heard a few months ago.

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  10. Another statement without action. Every time he makes a statement but comes to nothing. Better you even stop making statements now.

  11. This one is a career politician. He has given his children alot of money. They own businesses all over. Continue putting your hopes and faith in him haha you will enjoy life in heaven

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