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Toxy · bana Geregistreerd op: 19 Jan 2021 Berichten: 6

The Central Bank of Zambia plans to complete research on the creation of a digital currency by the end of the year. It can help reduce transaction costs and create another payment method in the country. It is reported by Bloomberg.

“The results of the study will be part of the input to policy considerations on whether Zambia should introduce a national cryptocurrency,” said the acting. Assistant Director for Communications of the Central Bank Nkatia Kabwe.

Zambia has decided to take a closer look at the national cryptocurrency, despite being wary of other digital assets. The local central bank has previously stated that cryptocurrencies are not legal tender in the country. “People who deal with them should be clearly aware of all the risks that are associated with such payment and investment instruments,” said a representative of the regulator. Unlike cryptocurrencies, the digital currency of the Central Bank is national, as it is tied to fiat (ordinary) money.

The Central Bank of Zambia decided to explore the possibility of using digital currency in the country because of its potential to increase financial inclusion, increase transparency of transactions, security and efficiency of payment systems.

Earlier, analysts at Bank of America warned that central banks that do not create their own digital money risk experiencing a drop in demand for their currency - citizens of their countries will start using digital currencies of other countries.

Zambia has become one of several states that have already issued national cryptocurrencies or are only considering this possibility. Among them are China, USA, Israel, Ghana, Bahamas, Nigeria.

Onixia · bana Geregistreerd op: 19 Jan 2021 Berichten: 6

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Mahsja · WAna Geregistreerd op: 03 Dec 2021 Berichten: 13

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