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BITCOIN LAW IN PIPELINE-BOZ

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Bitcoin

BANK of Zambia (BOZ) deputy governor in-charge of operations Bwalya Ng'andu has disclosed that the Central Bank has partnered with the Conference of Western Attorney Generals Africa Alliance Partnership (CWAGAAP) to formulate a framework for cryptocurrency also known as Bitcoin.

Speaking during the CWAGWAAP workshop on virtual currency investigations in Lusaka, Monday, Ng'andu said the partnership will enlighten the general public on cryptocurrency and some of the technologies associated with it in order to protect them against fraudsters.

Ng'andu notes that the Central Bank had observed a high number of cryptocurrency related crimes which are being perpetrated by fraudsters.

"In a number of such frauds that BoZ has dealt with in partnership with the Zambia Police, Drug Enforcement Commission and the Financial Intelligence Centre, investors were promised returns on their investment in some cases calculated on the basis of 1.5 per day or a promise to triple their investment," he said.

He said it was so frustrating to law enforcers to learn that cryptocurrency can facilitate organised crime and that criminals understand the technological invention fast.

Ng'andu said technology was evolving at a fast rate such that the law still lags behind.

"This partnership is an attempt to respond to challenges the cryptocurrency innovation is throwing at us, the broad purpose of this goes beyond dealing witj concerns that might arise from shortcomings and risks associated with the failure to prevent crime and abuse of cryptocurrency technology," Ng'andu said.

Cryptocurrency is a digital currency in which encryption techniques are used yo regulate the generation of units of currency and verify the transfer of funds, operating independently of the Central Bank.

 


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