“The Zambian government is taking a big step forward by embracing the use of crypto assets for payments,” declared Felix Mutati, the Minister of Science and Technology.
He stated that Zambia is prepared to integrate digital currencies into its financial system and that the government has already initiated efforts to establish guidelines for their proper regulation.
The minister noted that cryptocurrency usage is on the rise in everyday transactions, with Bitcoin and Ether being the most popular among the populace. Additionally, Mutati emphasized the importance of blockchain technology, which is being employed in industries such as logistics, real estate, and healthcare.
Thus, the authorities of Zambia are poised to introduce cryptocurrencies and blockchain into the payments sector after initial testing.
Mutati explained that this move would expand the scope of the country’s digital economy, attracting investment in technology and positioning Zambia as an innovation hub in Africa.
To that end, the government has dedicated more than $4.7 million to develop digital payments and is actively working on a regulatory framework for managing digital assets.
According to Mutati, these measures will provide people with greater access to financial services and open up new opportunities for finance, potentially revolutionizing Zambia’s economy for the better.
KuCoin exchange’s research found that cryptocurrency transactions in African countries surged by 2,670% in 2022, underscoring the potential of digital currencies in Africa. Furthermore, last April, the government of the Central African Republic (CAR) legalized bitcoin as a legitimate form of payment.
The Zambian authorities’ decision to embrace cryptocurrency is expected to drive innovation and growth in the country’s financial sector, putting Zambia at the forefront of the digital revolution in Africa.