BON Accepts Bitcoin For Payments: Namibia

  • Crypto is not yet a legal tender in Namibia.
  • Central Bank says cryptocurrencies like Bitcoin can be accepted for payment.
  • Crypto adoption is continuously growing.

Although cryptocurrencies are not recognized as legal tender in Namibia, the Bank of Namibia (BON) has announced that it has now “brought virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework in a phased approach, through its innovation hub.” 

The central bank continued by saying that it is also thinking about “vigorously modifying appropriate laws and regulations in cooperation with other relevant authorities.”

The BON recently stated that although privately produced digital currencies are still not legally recognized, retailers and dealers are still permitted to take payment in this manner as long as they are “ready to participate in such an exchange or transaction.”

The bank’s revised stance on virtual currencies seems to indicate that the BON is beginning to accept cryptocurrencies. 

The central bank has previously stated that it “does not recognize, support and advocate the holding, use, and trading of cryptocurrencies by members of the public,” according to News. The bank also informed Namibians that they would have no legal options if they suffered financial losses.

The BON governor and former skeptic of cryptocurrencies, Johannes Gawaxab, is mentioned in the statement conceding that the future of money is currently at a crucial juncture. He clarified:
The future of money is at an inflection point and adoption is surging day by day. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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