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African country Zambia sees cryptocurrency as the technology for its future and is therefore preparing a regulatory framework to support it.
Just as with El Salvador in the Americas, Zambia, after the Central African Republic, is one of the first green shoots of crypto growth in the African continent.
Zambia to become a hub for crypto
An article laying out the main ideas of how Zambia will go about attracting cryptocurrency companies to operate there, was recently published on the website of the Ministry of Technology and Science.
The Technology and Science Minister Felix Mutati said that the Bank of Zambia and the Zambian Security and Exchange Commission were currently testing technology that would serve to regulate cryptocurrency in the country.
Minister Mutati explained that his country was putting together the infrastructure that would attract digital asset companies and projects, and that would eventually serve to make Zambia a hub in Africa for this technology.
The minister said:
“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,”
It will take brave governments such as these to go against the mainstream fiat banking dominated system. Harsh pronouncements and threats from the likes of the IMF and the World Bank will be the backdrop that these first pro-crypto governments will have to endure.
Being able to produce billions and even trillions of fiat currency at the drop of a hat from nowhere is actually an incredibly powerful tool that governments and banks can use to squash and crush the innovations coming out of the crypto wave of new technology.
However, no matter how long it takes, better technology will always manage to bulldoze through those who oppose it. As long as there are parts of the world that are not under authoritarian rule, money will go to where it is best treated.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.