Road Town, BVI, 27th February 2023, Chainwire.
LBank has supported an ambitious plan to grow digital asset adoption in Zambia. The global crypto exchange believes that policymakers can support sustainable growth in the African country by taking a measured approach to crypto regulation.
Abhi, LBank Head of Marketing for the MENA region, stated: “Zambia is not the first African country to put an emphasis on crypto and blockchain technology. The African continent is booming and countries will need to keep up with the growing market.”
The Bank of Zambia (BoZ) alongside the country’s Securities and Exchange Commission is developing technology to regulate crypto according to the country’s minister of Technology and Science, Felix Mutati. Mutati has remarked that “Cryptocurrency is the future the country desires to achieve,” however a policy framework is needed to regulate this “revolutionary technology.”
In the published announcement, Mutati stated that testing will soon be intensified to help Zambia ensure an “inclusive digital economy,” noting that the government aims to reach over $4.7 million in digital payments, which will help bridge the financial exclusion gap in Zambia.
Speaking in Lusaka, the capital city, the minister also shared Zambia’s aim to become a technology hub in Africa, stating: “Zambia has created magnetism that attracts investments, and it is one of the countries in Africa that is becoming a must-be place for investment.”
Commenting on this development, LBank’s Abhi said: “Zambia is full of potential and it is great seeing them take the initiative.”
Previously, the Zambian government signed a memorandum of understanding in 2018 with Overstock’s blockchain land registry subsidiary to restructure land ownership by providing digital ownership certificates. In 2022, the BoZ shared its plans to conduct research on launching a CBDC, hoping to cut transaction costs and increase citizen participation. The research was expected to end in the last quarter of 2022.
Regulators in other African countries are also looking to establish better frameworks for cryptocurrency. Nigeria, one of the first countries to adopt CBDCs, presented its plans to regulate cryptocurrency in December to better “flow with global economic innovations.” More recently, the Central Bank of Nigeria published a report titled “Nigeria Payments System Vision 2025” to create a legal framework surrounding stablecoins and ICOs.
In November, the International Monetary Fund called for tighter crypto regulation in Africa, given the immense market growth on the continent. The collapse of FTX and the ripples throughout the industry were cited as one of the major reasons for this push.
“Investor security is clearly on the minds of Zambia and other African authorities,” concluded LBank’s Abhi. “We hope that all investors can have the protection that they deserve.”
About LBank
LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies.
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