- Crypto regulation alpha testing will help to structure balanced crypto regulations- Felix Mutati.
- Two leading Chinese banks collectively invested $1 billion in the Kafue Lower Gorge hydropower project-Government data.
According to Reuters, Zambia will wrap up their test, which simulates real-world cryptocurrency usage, by the end of the second quarter of 2023, the test of regulation will help the authorities to structure crypto regulations favoring citizens’ rights, innovative technology, and science.
While talking to the media outlet Minister of Zambia Felix Mutati noted, “The South African nations also need a digital infrastructure including digital identities before the launch of cryptocurrency.”
The decision of the Central African Republic to launch Bitcoin as a legal tender and launch self-owned crypto positively impacted crypto enthusiasts. But on the other side, several other African countries’ decision to ban Nigerian banks from handling crypto assets has feared the crypto favorer.
Felix’s main motive in cryptocurrency is to maintain an equal balance of innovation in digital and cashless payments against citizens’ safety, as crypto assets are very volatile.
After Luna collapsed, the crypto industry suffered, and mostly all cryptocurrencies were trying their best to acquire their lost positions. The destructive incident of FTX’s failure stirred the entire market and forced dozens of companies to file for bankruptcy.
The minister was asked whether any investment during his tenure was canceled, delayed, or suspended because of long-term debt in Zambia, Felix said, “What we are watching is increased hunger to invest in Zambia.”
According to Zambia’s official data and some Western officials, some creditors from China are accused of barring and slowing down the restructuring of the process by holding an estimated amount of Zambia’s external debt worth around $5.7 Billion in 2022.
Felix said during his tenure as finance minister between 2016 and 2018, all Chinese loans passed totally depended upon the cost of projects.
According to Felix, the Export-Import Bank of China and the Industrial and Commercial Bank of China collectively sanctioned $1 billion to State power utility Zesco to build the Kafue Lower Gorge hydropower project.
Moreover, blockchain technology will provide trust and transparency that is lacking in the current cryptocurrency market. Blockchain technology enables the creation of an immutable and transparent ledger, which ensures that all transactions are recorded and cannot be altered.
This feature will give investors the confidence they need to invest in cryptocurrencies, knowing that the market is regulated and transparent. Currently, the Zambian government does not collect taxes on cryptocurrency transactions, which has led to a loss of revenue.
Some countries, such as Japan and Switzerland, have introduced new regulations for crypto assets and their service providers. Some countries, like the US, UK, UAE, and European Union, are at the drafting stage.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/13/crypto-regulations-alpha-testing-to-end-by-q3-felix-mutati/