A step towards the adoption of Bitcoin (BTC)? The Central Bank of Namibia recently clarified its positioning on cryptocurrencies. If these do not yet have the status of currencies, they are however considered as means of payment with merchants.
Namibia takes a step towards cryptocurrencies
At the end of September, the Central Bank of Namibia held an event dedicated to central bank digital currencies and cryptocurrencies. The discussions made it possible to determine several positions. The Bank of Namibia reminds that digital assets are not officially recognized as currencies, but that it is possible for merchants to accept them :
“The acceptance of virtual assets for payment of goods and services remains at the discretion of each merchant or buyer. »
👉 Read also – Africa: Machankura allows you to receive satoshis without an Internet connection
The Central Bank therefore considers cryptocurrencies as a legitimate means of exchange… But reiterates a warning about ICOs:
“Initial Coin Offerings (ICOs) present great risks and opportunities for fraud and manipulation. »
In addition, cryptocurrencies are now part of its regulatory framework for FinTech innovations. This means that cryptocurrencies join a sandbox in order to determine whether to change the laws and regulations surrounding them.
Johannes Gawaxab, the Governor of the Central Bank, underlined the crucial nature of the times:
“The future of money is at an inflection point. On the one hand there is a battle between regulated and unregulated money, and on the other between sovereign and non-sovereign money. »
👉 Follow all the latest regulatory news
The No. 1 exchange in the world – Regulated in France
10% off your fees with code SVULQ98B 🔥
An MNBC in the line of sight
The Central Bank of Namibia is however on the side of “regulated” money, which it wishes to defend while supervising unregulated finance. According to her, this will potentially pass by a central bank digital currency (MNBC)but only if the conditions allow it:
“Successful implementation of MNBC depends on effective scanning of the environment to ensure the development of a suitable solution that supports public policy objectives. »
The central bank plans structural and legal changes in order to move into this new era. A document will also be published by the Bank of Namibia in the next two weeks to clarify its thinking on this subject.
👉 Going Deeper – Digital Central Bank Currencies (MNBC) – What are they and how do they work?
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Source: Central Bank of Namibia
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
2142 items
