RATE Group | Bitcoin is Not a Legal Tender in Zambia
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Bitcoin is Not a Legal Tender in Zambia

14 Oct Bitcoin is Not a Legal Tender in Zambia

Posted at 19:17h in Bitcoin News by

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Zambia’s central bank has said that cryptocurrencies like bitcoin aren’t legal tender in the country.

The Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the world’s 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field.

The central bank admitted that it was receiving a lot of inquiries related to Bitcoin’s legal status in Zambia, and they had to “safeguard the interests of members of the public and to maintain the integrity of the financial system” with its official stance on the digital currency, according to a local news report.

Constitutional Barriers

BoZ cited references from their financial constitutions, naming Section 30 as the main barrier that keeps Bitcoin and similar digital assets from having a legal tender status. Also, the bank agreed that they had no constitutional power to disfigure or ban the local crypto market under the…

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