Zambia To Complete June Government Minister’s Real-Life Crypto Usage Mock Tests – Bitcoin News

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Zambia is on track to complete real-world crypto usage simulations by the end of June, said Felix Mutati, the country’s science and technology minister. The Zambian minister said his country was seeking a balance between innovation and consumer protection.

Zambia Must Build Digital Infrastructure Before Introducing Crypto

According to Zambian Minister of Science and Technology, Felix Mutati, his country is on track to complete tests that simulate real-world cryptocurrency usage by the end of June. However, Mutati also argued that Zambia should focus on building digital infrastructure including digital identities before introducing cryptocurrencies.

Mutati’s latest remarks came nearly two months after he first revealed that Zambia was testing technology to regulate cryptocurrencies. As Bitcoin.com News reported in February, Mutati also hailed the cryptocurrency, which he describes as a technology that encapsulates a future that Zambia desires.

Nevertheless, despite being the epitome of a future that Zambia aspires to, crypto still poses risks to users. According to Mutati, the task of the Zambian government is now to put in place regulations that have the right balance.

“Our primary focus in cryptocurrency is to strike a balance between innovation in digital payments… [and] the safety of citizens, especially since cryptocurrency is very volatile. The central bank simulates this to see what would happen in the real world. The results will help us [in] the wording of the regulations,” Mutati reportedly said.

Meanwhile, when asked about the rate of investment inflow into Zambia, Mutati, a former finance minister, said more and more investors were showing an increased appetite to invest in the southern African nation. The minister also reportedly responded to lingering concerns over the amount of Chinese lending that topped $5.7 billion in 2022.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic issues of some African countries as well as how digital currencies can provide an escape route for Africans.

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