Zambia does not support the use of bitcoin

The Central Bank of the African country said that this is due to section 30 of the law that currently governs the nation in terms of the financial world

In statements made this week, the Central Bank of Zambia (BoZ) said that cryptocurrencies such as bitcoin do not belong to the legal course of the nation.

The financial entity is in charge of implementing the financial policies that govern the African country. Recently the BoZ issued its impressions regarding the growing public interests in the economic area.

The South African entity admitted that it was receiving many inquiries related to the legal status of bitcoin in Zambia, and that they had to “safeguard the interests of the members of the public and maintain the integrity of the financial system.”

The BoZ is based on section 30 of the Law of the Central Bank, ensuring that this legal framework prevents bitcoin and other assets of the same nature from having an active status in Zambia.

“First, Section 30 of the Law of the Bank of Zambia grants the right to issue notes and coins exclusively to the BoZ. To date, BoZ has not issued any form of cryptocurrency. Secondly, BoZ does not supervise or regulate the cryptocurrency landscape, and consequently, each and every one of the activities related to the purchase, trade or use of cryptocurrencies is carried out at the owner’s risk “, detailed the entity.

For the time being, there is a small possibility that legislators may opt for a more active stance for the regulation of cryptocurrencies should any misunderstanding arise. Currently, the Central Bank is investigating digital assets to create a law that “allows innovation”.

K. Tovar

Source: CNN

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