Zambia declares Bitcoin is not a currency

14 Oct, 2018
by David Borman
News
Zambia declares Bitcoin is not a currency

The central bank of Zambia has recently declared that Bitcoin and similar cryptocurrencies are not actually valid tender, according to Bitcoin.com.

The central bank of Zambia released a statement saying that anyone using or trading in cryptocurrency is doing so at their own risk, without any appeal to authority in the event of theft or fraud.

The Zambian regulators accused crypto of being accountable for terrorism and general hacking crimes, while re-asserting that they have no regulatory authority when it comes to digital assets.

Zambia, like most African nations, still sees most of its crypto trade come from peer to peer transactions. While the Zambian central bank acknowledges it can't regulate crypto, it still has to deal with the fact that it is a growing economic sector inside the country.

Like many smaller economies, Zambia is struggling with its own inflation issues. Can crypto help to bring stability to a runaway inflation economy, much like it has in Venezuela? Only time will tell.

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Read more about: Bitcoin (BTC)

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