GOVERNMENT is testing technology to enable regulation of cryptocurrency in the country.
The testing is being done through the Security Exchange Commission (SEC) and Bank of Zambia (BoZ), says Technology and Science Minister Felix Mutati.
Cryptocurrencies are digital currencies that use blockchain technology to record and secure every transaction used as a digital form of cash to pay for everyday items.
The system however does not require a central authority as its state is maintained through distributed consensus.
But Mr Mutati said while cryptocurrency was the future the country desired to achieve, there was need for a policy framework that supported this revolutionary technology.
“The testing of the technology on regulating cryptocurrency will be upscaled in due course as part of deliberate measures to achieve an inclusive digital economy for Zambia.
“Zambia is already putting in place appropriate digital infrastructure, attracting investments in technology and creating access thereby positioning itself to be a hub of technology in the region,” he said.
Zambia, he said, had created magnetism that attracted investments and that it was one of the countries in Africa that was becoming a must be to place for investment.
Meanwhile, Mr Mutati said Government targeted to reach over US$4.7 million in terms of digital payments which would be as a result be huge for the economy.
He said through digital payment platforms, people woukd become much more included in digital financial services.
“Cryptocurrency will therefore be a driver for financial inclusion and a change maker for Zambia’s economy,” Mr Mutati said.