Bitcoin accepted – Namibia allows BTC and cryptocurrency payments

Windhoek takes a small step towards crypto – While his central bank digital currency (MNBC) is still in the cards, the Bank of Namibia just issued an opinion rather favorable to the use of cryptocurrencies. Lined with multiple recommendationswarnings and cautions, this little ” yes “ to crypto still has the merit of existing in an international banking landscape reluctant to encourage the use of currencies decentralized. Direction Southern Africa to take stock.

A small “yes” from the Bank of Namibia for Bitcoin & Co

On September 22, the Bank of Namibia (BON) organized a day of reflection on the theme: “ central bank digital currencies and virtual assets ». At the end of this round table, the head of communication and international relations – Kazembire Zemburuka – published a briefing note. The conclusions give pride of place to MNBCs but leave the door ajar to decentralized cryptocurrencies.

One of the announcements of the BON is the placement of ” virtual assets and virtual asset providers in the regulatory framework of innovations and FinTech ». All under the authority of the Financial Institutions Supervisory Authority in Namibia (NAMFISA). She will be able to bring in due time “ amendments to the laws and regulations in force” in consultation with the BON. But, the statement that made the most noise is about currencies “such than bitcoin” :

“Although still not legally recognised, retailers and resellers can take money in this form if they are willing to participate in such exchanges.”

Announcement of the event organized by the Bank of Namibia – Source: Twitter

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A central bank digital currency in the pipeline

The Governor of BON – Johannes Gawaxab – has however never hidden his reluctance with regard to currencies “ such as Bitcoin ». He had declared Last year on this subject that the bank ” does not acknowledge, support or recommend the possession, use and trading of cryptocurrencies by the public”. Ending his intervention with a clear warning: “ there will be no legal recourse in the event of loss of money”.

But we have to believe that certain arguments were able to convince. He now recognizes that the future of silver is at an inflection point”. Thus, the institution is aware that several “are currently in progress concerning the” regulation of currencies but also of their sovereignty. As a good self-respecting banker, Johannes Gawaxab does not hide his preference for an MNBC:

“If MNBCs are explored and implemented with the necessary care and caution, they could hold immense potential upside for a more stable, secure, more widely available and cheaper means of payment than private forms of digital currency. »

It’s hard to blame him for preaching for his parish! Especially since the Bank admitted not wanting dash for his MNBC. She also specified that she was currently working on a working document for the end of October. In the meantime, its population can use other currencies digital, but to its risks and perils. And, to say the least, there is no shortage of them in the not always wonderful world of cryptos.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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