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Central Bank Of Zambia Announces Bitcoin Use Illegal

07:05 16/10/2018

The Central Bank of Zambia has announced that bitcoin and other cryptocurrencies cannot be a legal means of payment in the country, LusakaTimes.com reports.


The bank explained that, despite numerous requests on the bitcoin legal status and the interest of the citizens of the country in the use of cryptocurrency, the financial regulator should stand guard for the interests of the public and maintain the unity of the financial system.


The regulator referred to its normative acts. In particular, article 30 of the document on the activities of the Central Bank defines it as the only body issuing legal payment means in the form of banknotes and coins. The regulator has never dealt with the release of cryptocurrency so far. Besides, the crypto sphere is not subordinated to the bank. Any activity related to the use of digital assets occurs at the owner’s risk, according to the financial institution.


The Bank of Zambia warned investors to be aware of the risks that accompany the crypto industry: money laundering, lack of security, threats from hackers and fraudsters, and the financing of terrorist activities.


Zambia's economy is ranked 105th among all countries of the world. There are no crypto exchanges in the country, and local crypto holders use foreign trading platforms. The development of the crypto sphere is hampered by the fact that only 11.6% of the residents have access to the Internet, according to the data by the World Bank.


Unlike Zambia, the authorities of another African country, Zimbabwe, believe that cryptocurrency will help the government solve the problem of a two-year financial crisis.

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