Zambia embarked on the path of cryptocurrency regulation back in 2018. It was then that the first significant stage of conciliation of the crypto world with the state happened. A subsidiary of Medici Land Governance, Overstock, signed a Memorandum of Understanding (MOU) with the Zambian Ministry of Land and Natural Resources to create a program for the issuance of ownership rights to land plots using blockchain.
Recently, further good news came from Zambia suggesting that the country is serious about the development and regulation of crypto technologies. Technology and Science Minister Felix Mutati stated that the Security Exchange Commission and Bank of Zambia are testing technology that will allow the regulation of cryptocurrency in the country.
Mutati said many interesting things that reflect Zambia's current policy regarding cryptocurrencies. The minister said that cryptocurrency is a future that the country aspires to, and that it needs a legal basis. Mutati also said that Zambia is now creating a digital infrastructure, and the testing of regulatory mechanisms will be expanded.
“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.”
Zambia is not the only country in Africa that is actively developing the crypto industry in its region. Last year, Chainalysis released an extensive report about cryptocurrency adoption in Sub-Saharan African countries. According to this report, the use of cryptocurrencies in Sub-Saharan African countries increased by 16% compared to 2021.
Along with Zambia, crypto technologies are also common in other African countries such as Nigeria, Cameroon, Kenya, Ghana, and Namibia. Among this group, Nigeria stands out prominently as it has embarked on a path to a complete cashless economy. Now, residents of Nigeria are actively using CBDC eNaira.
We are glad to see that crypto technologies are slowly but surely spreading around the globe. Let's hope that the U.S. SEC will not reverse this trend. And we continue to observe.