Zambian Minister of Science and Technology Felix Mutati announced on the ministry's platform that the Bank of Zambia or the securities regulatory organization of the host country had "tested the technology" and implemented the regulation of cryptocurrencies. China's move is committed to "achieving the development of an inclusive digital economy".

Speaking in Lusaka, the capital of Zambia, the section chief also said that "the cryptocurrency is the host country's expectation to complete the future development", but that an existing policy framework is needed to support this "subversive technology." Mutati said:

"[...] As part of Zambia's deliberate response to the completion of an inclusive digital socio-economy, the testing of expertise in regulating cryptocurrencies will be improved in due course. "

The Section Chief also stressed that Zambia had been trying to attract input from the sector through the development of digital infrastructure and become an African research centre. According to the section chief:

"[...] According to the digital payment system, people will participate more in digital financial information services, so the cryptocurrency will become the driving force for the inclusiveness of the financial sector and the founder of the reform of Zambia's economic development.

The Zambian government signed a memorandum of cooperation with the blockchain Technical Land Registration Branch of Overstock in 2018. Under the agreement, Overstock's Medici land governance company will work with the Zambian government to reform and innovate land rights, give local rural digital use rights qualifications and enter the financial system.

The government has paid close attention to other African cryptocurrencies. A recent report from Nigeria's central bank urged the development of a regulatory framework for stable coins and initial sales of coins. Nigeria is one of the pioneers in the world in choosing the digital currency of the central bank.

In November last year, the International Monetary Fund (IMF) promoted tighter regulation of the African login password market, as the area of login passwords in the region increased again. Among the main reasons for being regulated, the IMF mentioned the collapse of the FTX and its ripple effect on the price of the cryptocurrency.

According to the analysis of corporate Chainanalysis, the African login password market increased by more than 1200 per cent from July 2020 to June 2021, with Australia, Brazil, Nigeria and Tanzania having the highest adoption rates.