Zambia's central bank is following the lead of several of its neighbors and exploring a central bank digital currency while warning its people off crypto. By JamieCrawleyCD
Zambia, in common with several neighboring countries, is exploring a potential central bank digital currency and expects to complete its research later this year, according toThe Bank of Zambia aims to cut transaction costs and increase citizens' participation in the formal financial system, Bloomberg said.
The news follows shortly after the central bank issued a warning on the use of cryptocurrencies, saying “people who want to deal in them should have a clear understanding of all the risks that come with such payment and investment instruments,” according to Bloomberg. This has a strong echo of the rhetoric of the central bank in Zambia's neighbor to the south, Zimbabwe."As a central bank we don't believe in cryptocurrencies," Reserve Bank of Zimbabwe Governor John Mangudya said in December. Zimbabwe is also exploring the development of a CBDC and plans to send a team to research the experience of Nigeria, where
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