Central Bank Allows Payment In Bitcoin, Other Cryptocurrencies.

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The Central Bank of Namibia has announced that despite no cryptocurrency having legal tender status in the country, payments in Bitcoin and other crypto will still be allowed for retailers and dealers who take money in the form of cryptocurrencies if they are “willing to participate in such an exchange or trade.”

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The BoN (Central Bank of Namibia) noted in a press release in late September that although digital currencies such as Bitcoin (BTC) are not yet legally recognized, retailers can take money in this form if they wish.

According to information made available on the bank’s official website, this does not mean that the Central Bank has changed its mind about Bitcoin and cryptocurrencies in general:

“Because of the unregulated nature of cryptocurrencies, BoN does not recognize, support and recommend the possession, utilisation and trading of cryptocurrencies in Namibia and by members of the public. Hence, BoN urges the public to invest their money responsibly and desist from any engagements or activities related to unregulated currencies such as Bitcoin and others.”

Also Read: Namibia Launches First Bitcoin ATM, Crypto Kiosk

Nonetheless, Gawaxab argues that central bank digital currencies (CBDCs) provide something that privately issued or developed digital currencies cannot. Nonetheless, the BON governor stressed that his institution, which is likewise examining and analyzing the viability of launching a CBDC, would not hurry into it.

“If CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money,” said Gawaxab.

The BON also shared that it will be releasing a CBDC consultation document in the month of October.


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