Zambia seeks to complete research into digital currency creation by the fourth quarter.
The Central Bank of Zambia hopes to complete work on its digital currency, which could reduce transaction costs and increase participation in the official financial system, by the fourth quarter. Nkatya Kabwe, the bank’s deputy director of communications, said:
“The results of the survey will form part of the input in policy considerations on whether to introduce a central bank digital currency in Zambia.”
Warn About Crypto
Zambia also issued a warning about cryptoassets earlier this month. In the warning, it was stated that crypto assets are not a legal payment tool and those who trade with these assets should understand all the risks that come with these tools.
Analysts from one of the leading banks, Bank of America, said that central banks that do not issue their own digital currencies may risk losing control of money and lower demand for the currency as citizens use other countries’ digital currencies.
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