According to the Bank of Zambia, BOZ, cryptocurrencies are not a legal tender in Zambia. What is a cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
Examples of cryptocurrencies include;
- Metaverse ETP • MIOTA • Mithril and Monero
For a full list follow: Cryptocurrencies in Zambia
While cryptocurrencies have some monetary characteristics such as being used as a means of payment on a person to person basis, cryptocurrencies are not legal tender in ZambiaSaid BOZ
According to the Central Bank BoZ the constitution of Zambia does not define Bitcoin or any other cryptos.
But those who are willing and have the means to trade in the currency can go ahead at their own risk.
“Firstly, Section 30 of the Bank of Zambia Act vests the right to issue notes and coins exclusively in the BoZ. To date, BoZ has not issued any form of cryptocurrency. Cryptocurrencies are not legal tender in the Republic of Zambia;
Secondly, BoZ does not oversee, supervise nor regulate the cryptocurrency landscape. Consequently, any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.”
But as more citizens and businesses with lawmakers continue to show interest in the cryptocurrencies the central bank has a keen interest and is actively monitoring the situation.
Regulations should not constrain but enable innovation BoZ will continue to actively monitor all developments.