Central Bank Of Namibia Says Bitcoin Can Be Accepted As Payment

The Bank of Namibia (BON), the country’s central bank, has announced that it has included virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework. The decision was made despite cryptocurrencies not having legal tender status in Namibia. Payments Accepted In Bitcoin The Bank of Namibia stated that this judgment occurred at the end of September. Retailers and dealers may accept payment in this form if they are “ready to participate in such an exchange or trade.” However, the law has not officially recognized digital currencies like Bitcoin (BTC). The central bank noted that it “would diligently amend related rules and regulations” in cooperation with other relevant authorities. BON previously stated, “It did not recognize, support and recommend the possession, utilization, and trading of cryptocurrencies by members of the public.” However, BON warned Namibians not to expect legal recourse if they lose their money. BON’s Stance On Cryptocurrencies The bank’s revised position on cryptocurrencies suggests that the Bank of Namibia is becoming more accepting of them. In the statement, BON Governor Johannes Gawaxab, who has previously expressed skepticism toward cryptocurrencies, is quoted as saying that the financial world is at a turning point. Gawaxab contends that central bank digital currencies (CBDCs) offer something that digital currencies that are privately issued or p...