Government Agencies in Zambia Come Together to Regulate Digital Assets

Agreement Between Zambia And Overload for Digital Assets

At present, the landlocked nation has held onto the drive to energize reception by building manageable Web3 engineering and drawing in a huge number of worldwide financial backers in the space. Zambia reached an accord with Overload, a blockchain innovation firm, that permitted the issuance of computerized proprietorship testaments for landed properties.

At a meeting of stakeholders in Lusaka, Technology and Science Minister Felix Mutati talked about the plans the regulators made and how important it was for the industry to have a policy framework. Mutati dispelled all rumors of an imminent blanket ban and confirmed that the government of Zambia values digital assets highly.

Virtual Currency Adoption in Africa is Patchy

Given the numerous benefits of the asset class, digital currency adoption rates on the African continent reached their zenith in 2021 and have not slowed down. Africa joined the digital currency train because of inadequate cross-border payment options and galloping inflation in several nations.

However, strict regulations prohibiting banks from facilitating digital currency transactions have been enacted by the continent's central banks and finance ministries in opposition to the rising adoption.

To combat the rise of digital currencies, other nations, such as Nigeria, have launched CBDCs with mixed results. Africa's digital currency market has expanded by more than 1,200 percent since 2020, led by Nigeria, Kenya, and South Africa.