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Zambia to Wrap Crypto Regulation Tests by June: Report
The country is also exploring the issuance of a central bank digital currency.
Zambia plans on finishing tests that mimic real-life crypto usage by June, the country's Science and Technology Minister Felix Mutati told Reuters on Wednesday. The results from the simulations will assist policymakers in formulating regulations for the sector, according to the minister.
"Our main goal in the area of cryptocurrency is to strike a balance between innovation in terms of digital payments ... against citizens' safety, particularly given that cryptocurrency is very volatile," Mutati told Reuters.
STORY CONTINUES BELOW
Zambia has taken a cautious approach towards crypto. The country's central bank issued a warning in February saying "people who want to deal in them [cryptocurrencies] should have a clear understanding of all the risks that come with such payment and investment instruments,” Bloomberg reported.
The country also said in February it was looking to issue its own central bank digital currency.
CoinDesk has reached out to Mutati for comment.
Read more: Zambia's Central Bank to Explore CBDC Following Crypto Warning: Report
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
