• Some work has gone on, on the Central Bank Digital Currency research being undertaken.
• The world over, most of the things are going digital and Zambia can’t remain behind.
• Nigeria has already introduced a Digital Currency.

Bank of Zambia (BoZ) says progress has been made on its ongoing research to introduce a Central Bank Digital Currency (CBDC).
Speaking in an interview with Money FM News, Director Banking and Currency Lazarus Kamanga said the research on digital currency is driven by the fact that the world has gone digital, therefore Zambia cannot remain behind.
Mr. Kamanga noted that in Africa, Nigeria has already introduced a Digital Currency, while other Central banks within the SADC region such as South African Reserve Bank, is working closely with the Banking for International Settlement in looking at cross border Digital Currency.
“Some work has gone on, on the Central Bank Digital Currency research that we are undertaking. As everybody has noticed the world over, most of the things are going digital and as Zambia we can’t remain behind in looking at what is happening around us,” Mr. Kamanga said.
He stated that Bank of Zambia is looking at policy issues as well as legal requirements that will be needed if the country is to have a digital currency issued.
“So because of what is happening around us, we are not sitting idle, we are also looking at what we need to do. We are looking at issues of policy, we will also be looking at issues of legal requirements, what is that we need to do to the law if we are to have a digital currency issued.”
“We are also looking at issues of, are we going to have a wholesale or a retail digital currency? So all these are the issues we are trying to look at before we come up with our data which will be presented to the executive within the Bank and after that a right paper will be issued to guide on what we need to do going forward,” he explained.
Nigeria became the first country in Africa to pilot its Central Bank Digital Currency (CBDC), dubbed the eNaira, in October last year while Ghana is said to be at an advanced stage of rolling out its e-cedi, and Bank of Zambia is also carrying out research on digital currencies.
The CBDCs, unlike Cryptocurrencies like Bitcoin, are developed by central banks and pegged on countries’ fiat currencies.