Zambia is testing technology for the regulation of cryptocurrencies, as announced by Technology and Science Minister Felix Mutati on the ministry’s website.

The Bank of Zambia and the country’s securities regulator are working together to achieve an inclusive digital economy by developing a policy framework to support the use of cryptocurrency.

Mutati stated that Zambia aims to become a technology hub in Africa by improving digital infrastructure and attracting investments in the sector.

Through digital payment platforms, people will become more included in digital financial services, driving financial inclusion and economic change.

Zambia signed a memorandum of understanding with Overstock’s blockchain land registry subsidiary in 2018 to reform land ownership and provide access to financial markets for rural communities.

The Central Bank of Nigeria has also urged the development of a regulatory framework for stablecoins and initial coin offerings, while the International Monetary Fund has pushed for increased regulation of Africa’s crypto markets.