Central Bank of Namibia Says Bitcoin Can Be Accepted as Means of Payment

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The Bank of Namibia (BON) said that although digital currencies do not have a legitimate delicate status in the country, it has now integrated “Virtual Assets (VA) and Virtual Asset Specialized Cooperatives (VASPs) under its administrative structure of Fintech developments in a step-by-step methodology, through its development center. The national bank added that it was also considering amending “relevant regulations and guidelines in consultation with other important specialists”.

In a recently released statement, BON also explained that despite the fact that secretly given computerized monetary standards are not yet legally perceived, dealers and brokers can accept payment in this structure if they “will participate in such trade or exchange”. .”

The bank’s new situation on computerized monetary standards seems to suggest that BON may be getting used to digital forms of money. As revealed by Bitcoin.com News, the national bank has said in the past that it “does not perceive, support or suggest the ownership, use and exchange of digital currencies by individuals. of society in general”. The bank also warned Namibians that there would be no legal course of action in case they lost money.

Nevertheless, Johannes Gawaxab, the main representative of BON and a former expert in digital currencies, is quoted in the explanation acknowledging that the eventual fate of money is currently a fundamental point. He gave meaning to:

The fate of money is at a point of articulation. The struggle between managed and unregulated money from one point of view, and sovereign money against non-sovereign money from the other.

All things considered, Gawaxab said he trusted National Bank Computerized Currency Forms (CBDC) to offer something that Advanced Currency Forms could not secretly give or do. However, BON’s main representative warned that his association, which is also studying and focusing on the plausibility of carrying out a CBDC, will not be rushed to do so.

“If CBDCs are studied and executed with care and mindfulness, they could hold enormous potential upside for a more stable, safer, even more accessible and affordable method of payout than private types of computerized money. . said Gawaxab.

Meanwhile, BON has revealed that it wants to publish a guidance document on CBDCs in October.

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Elaine R. Knight