Central Bank of Namibia to complete crypto study by April 2022 - governor says Current laws do not allow 'use of digital assets
The Bank of Namibia (BON) is on track to complete its cryptocurrency study by April 2022, central bank governor Johannes Gawaxab recently confirmed.that cryptocurrencies are not legal tender as there is currently no provision for the use of digital currency in the laws of the country.
While Gawaxab has acknowledged that cryptocurrencies "aren't a bad thing ", it still maintains that attempts to approve the use of cryptocurrencies Currencies in Namibia will not be easy. In a video shared by The country's state broadcaster, the Governor explains why it is nearly impossible to officially introduce cryptocurrencies into this country. He explained:
Crypto warning from the governor
Namibia, as as a member of the CMA, is obliged to pursue exchange and monetary policies consistent with those of the other three member countries. Therefore, as Gawaxab indicates, the Namibie will only integrate cryptos when the CMA - whose policies would be strongly influenced by the South African Reserve Bank - d collectively agree to this.
However, despite the absence of laws governing the use of digital currencies, Gawaxab has still warned Namibians of the dangers of cryptocurrency trading. Gawaxab's warning marks the second time that BON has worried about the proliferation of crypto-related scams. Like reported by Bitcoin. com News in June 2021, the central bank previously warned Namibians it would not accept complaints from victims of cryptocurrency scams.
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