By BUUMBA CHIMBULU
THE Bank of Zambia (BoZ) has said it will soon be publishing a consultation paper on the development of digital currency in the country.
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The Central Bank has, however, warned those trading using digital currency that they are doing it at their own risk until the development on the currency is developed.
Some stakeholders such as the Zambia Institute of Chartered Accountants (ZiCA) recently called for a way forward on the development on digital currencies.
In giving an update on such advances, BoZ Deputy Governor Operations, Francis Chipimo, announced at a media briefing on Wednesday that the Central Bank would soon be publishing consultation paper.
“We will be publishing consultation paper. Indeed, other Central banks are looking at it, we are aware of two who are actually running it. I think Nigeria and the Bahamas central banks are running the digital currency and the others it is in different stages of development,” Dr Chipimo said.
On scams being committed using digital currencies, Dr Chipimo said the Central Bank followed up on them each time they had leads.
He explained that the Central Bank was aware that there were people to taking deposits from others using the concept of crypto and digital currencies.
“When we hear about these, we follow them up and we pave way for them to prosecute so we are also conducting awareness campaigns trying to educate people.
“We should be launching an automated system for complaints which people can be able to utilise to interact with the public,” Dr Chipimo said.
Meanwhile, Central Bank Governor Denny Kalyalya warned those trading using digital currencies that they were on their own.
“We issued actually a circular so we said that if you engage in that then you are on your own.
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