Is Crypto Legal in Zambia?

Cryptocurrency is not recognized as legal tender in Zambia, though it is not explicitly banned (1). The Bank of Zambia Act vests the exclusive right to issue notes and coins in the Bank of Zambia, and to date the bank has not issued any form of cryptocurrency (1). The Bank does not oversee, supervise, or regulate the cryptocurrency landscape, and all cryptocurrency activities are performed at the owner's risk (1).

In 2023, Technology and Science Minister Felix Mutati announced that Zambia, through the Securities Exchange Commission and Bank of Zambia, was testing technology to enable regulation of cryptocurrency in the country (2). The Minister emphasized that while cryptocurrency represents the future Zambia desires to achieve, there is a need for a policy framework that supports this revolutionary technology (2). The government aims to strike a balance between fostering innovation in digital payments and ensuring citizens' safety, particularly given cryptocurrency's high volatility (2).

"Zambia has created magnetism that attracts investments and it is one of the countries in Africa that is becoming a must-be place for investment. Through digital payment platforms, people will become much more included in digital financial services hence, cryptocurrency will be a driver for financial inclusion and a change maker for Zambia's economy."

The central bank and Securities Exchange Commission conducted simulations to understand potential real-world implications of cryptocurrency adoption, with results intended to assist in formulating appropriate regulations (2). Zambia is putting in place appropriate digital infrastructure and attracting investments in technology to position itself as a regional technology hub (2). Despite the cautious regulatory stance, there is growing interest among the Zambian population in digital currencies, particularly as a means to circumvent high remittance fees and participate in the global digital economy (2).

Source:
https://www.boz.zm/faq.htm
https://www.mots.gov.zm/?p=2309

Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.