Bank of Namibia Use of cryptocurrencies

Bank Of Namibia Cryptocurrencies

Namibia Use cryptocurrencies

The central bank of the South African state of Namibia announced that it intends to make a statement on the use of cryptocurrency. The document also indicates that the bank’s position on this issue in the future is subject to revision in the light of research conducted on this topic.

The Namibian Bank issued a position paper stating that, according to the interpretation of two old Namibian legislative acts, the commercial use of cryptocurrency in the country is not de facto legal.

The statement does not explicitly recognize the crypto-exchange-traded exchanges as illegal, but users are encouraged to exercise caution in cases where they participate in the trade in cryptocurrencies.

Although the bank does not refer to any legal sanctions for which users of crypto currency can fall, the statement unequivocally suggests that “local shops are not allowed to accept virtual currencies in exchange for goods and services.”

Currently, the Namibian dollar and the South African rand are “the only two legal currencies in Namibia,” the document said.

The document emphasizes the fact that, using the services of an unlicensed exchange for the exchange of virtual currencies, a citizen is fully responsible for all risks associated with transactions of this kind.

“The only body that has a mandate to control the money supply, as well as to create and issue currency, is the state,” the Bank of Namibia recalls.

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In addition, referring to the report of the Intergovernmental Task Force on Financial Measures, the proclamation warns citizens that crypto-currencies carry the potential danger of using them in money laundering and terrorist activities.

Nevertheless, according to the conclusion, the Bank of Namibia is open to reviewing the issue in the future, considering that the technology of blocking has great potential for transforming the financial sector infrastructure and, therefore, operations inside it.

The Bank expressed its intention to conduct further research on block-technology and cryptocurrency trading. This is the reason why Namibia Use cryptocurrencies trading.

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