The Bank of Namibia (BON) in a recent ruling has said that Namibians can now own and use Bitcoin. This is against the backdrop of regulations in times past where the top financial body warned the citizens of Namibia not to use cryptocurrencies and virtual assets.
This turnaround is coming from innovations spearheaded by the apex bank of Namibia under its Fintech Innovation Regulatory framework, courtesy its Innovation Hub.
Like in most part of African and the world, Bitcoin is not legal tender in the South African country. However, in recent announcement traders, retailers and users can accept and engage in the use of Virtual assets and digital currencies if they want to and are willing to take on the risks associated with it.
The Central Bank Of Namibia is of the view that it will have no legal recourse for citizens who engage in the used of cryptocurrencies like Bitcoin and suffer losses.
Namibians can now own and use Bitcoin
Mr. Johannes Gawaxab, the governor of the Bank of Namibia agreed that money as we have it is changing with digital currencies having held a contrary stand in time past. According to him,
The future of money is at an inflection point. The battle is between regulated and unregulated money on the one hand and sovereign versus non-sovereign money on the other.
BON sees a future in CBDC
Johannes implied that CBDC might be the way to go with governments having a say in the development and adoption of digital currencies. However the Bank of Namibia is still consulting and would not rush into Central Bank Digital Currencies. Saying that:
if CBDCs are explored and implemented with due care and caution, they could hold immense potential benefit for a more stable, safer, more widely available, and less expensive means of payment than private forms of digital money.
In 2021 El Salvador made bitcoin legal tender and earlier this year Central African republic also joined the list of countries that have made Bitcoin legal tender.
