The Bank of Zambia – BOZ has re-emphasized that bitcoin and any other cryptocurrency is not a legal tender on the Zambian market as the bank is still conducting research on the matter. Therefore, Any crypto currency activities regarding usage, Trade and buying is being done at Owners risk.
BOZ Director-Banking, Currency and Payment Systems Lazarous Kamanga said before engaging in such activities, individuals or entities should understand the risks that are involved in dealing with cryptocurrencies in order to avoid being defrauded out of their hard-earned money.
“As a Central bank, sometime in 2017 we did issue a cautionary statement to say that “as it stands the bitcoin and cryptocurrency on the Zambian market is not a legal tender” and people should be careful when dealing with some of these crypto currencies”, he said.
The Bank of Zambia has observed a trend in line with what is being seen in other countries, increasing public interest in cryptocurrencies as evidenced by the growing number of enquiries that the bank has been receiving on the subject.
While cryptocurrencies have some monetary characteristics, such as being used as a means of payment on a person-to-person basis, he clarified that cryptocurrencies are not legal tender in Zambia.
The central bank does not oversee, supervise nor regulate the cryptocurrency landscape and any and all activities related to the buying, trading or usage of cryptocurrencies are performed at owner’s risk.
And regarding Zambia getting on an International Monetary Fund – IMF Program, The Bank of Zambia (BOZ) says it is premature to make any pronouncements concerning the virtual discussions that the bank is having with the International Monetary Fund (IMF) as the talks just commenced.
BOZ Governor Christopher Mvunga said the talks which started last week are currently ongoing and will go on up to March this year therefore it would be premature to make any conclusions. Mvunga said this during a monetary policy committee briefing attended by the Zambian Business Times – ZBT.
