Zambia to Complete Testing Real-Life Crypto Usage Simulations by June — Government Minister

Zambia is set to complete real-life crypto usage simulations by the end of June, Felix Mutati, the country’s science and technology minister has said. The Zambian minister said his country is seeking a balance between innovation and consumer protection.

Zambia Needs to Build Digital Infrastructure Before It Introduces Crypto

According to the Zambian minister of science and technology, Felix Mutati, his country is set to complete tests which simulate real-life cryptocurrency usage by the end of June. However, Mutati also argued that Zambia must focus on building a digital infrastructure including digital identities before introducing cryptocurrencies.

The latest remarks by Mutati came nearly two months after he first revealed that Zambia was testing technology to regulate cryptocurrencies. As reported by Bitcoin.com News in February, Mutati also lauded cryptocurrency, which he describes as a technology that encapsulates a future that Zambia desires.

Nevertheless, despite being the embodiment of a future that Zambia craves, crypto still poses risks to users. According to Mutati, the Zambian government’s task now is to put in place regulations that have the right balance.

“Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments … [and] citizens’ safety, particularly given that cryptocurrency is very volatile. The central bank is simulating that to see what would happen in the real world. The results will assist us [in] the formulation of the regulation,” Mutati reportedly said.

Meanwhile, when asked about the rate of investment inflows into Zambia, Mutati, a former finance minister, claimed that more investors are showing an increased appetite to invest in the Southern African nation. The minister is also said to have addressed lingering concerns about the size of Chinese loans which topped $5.7 billion in 2022.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.