Cryptocurrency is gaining traction in Zambia, and this article will provide an overview of the regulations, popular coins, and exchanges available in the country.
Zambia does not currently recognize cryptocurrency as a legal tender, and there are no specific regulations governing its use. Nevertheless, the Securities and Exchange Commission (SEC) has warned investors about the risks of trading in digital assets, specifically in unregulated schemes.
Bitcoin is the most widely used cryptocurrency in Zambia, with other digital coins such as Ethereum and Litecoin also gaining popularity. Stablecoins, such as Tether, are becoming increasingly popular as a way of mitigating the volatility of other cryptocurrencies.
When it comes to exchanges, Zambia has a limited number of options. These include Binance, Paxful, and LocalBitcoins. Users must exercise caution when selecting an exchange, as many are unregulated and may not comply with AML/KYC regulations.
Cryptocurrency adoption in Zambia is still relatively low, but it is growing steadily. People are turning to digital currencies as a way to avoid the high fees associated with traditional banking and to access financial services that may not be available through traditional means.
Zambia’s cryptocurrency landscape is still in its infancy, but it is clear that there is an increasing interest in digital assets in the country. As regulatory frameworks become more developed and more exchanges become available, the use of cryptocurrencies in Zambia is expected to continue to grow. However, users should exercise caution and use reputable exchanges that comply with AML/KYC regulations.
Source: https://www.bitrawr.com/zambia
