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- Namibian Central Bank alerts its people to stray away from any form of cryptocurrency exchange or trade that can lead to scams and swindles
- Crypto is a threat to the Namibian dollar according to the legal regulations and hence any trade using crypto is banned in the country
- Country retains its stance from 2018 on keeping the cryptocurrency ban before further research on the topic is done by the Central Bank
While there are some Governments who are extremely cooperative with cryptocurrency, however, the Namibian Central Banks has announced that it shall take no part in giving justice to the victims of cryptocurrency swindlers. The Government has warned its citizens against the frauds that can loot the unprotected investors of the country. The country’s officials do not feel obliged towards such frauds and hence shall not take any jurisdiction for such cases as well.
Namibia’s Central Bank ignores complaints regarding crypto defraudments
Bank of Namibia’s (BoN) spokesperson, Kazembire Zemburuka, says that the Bank shall not pay heed to any complaints or concerns arising due to scams affiliated to cryptocurrency. The bank believes that it is not in the law to protect people from such activities and hence, not their obligation to cover and resolve it. These scams usually occur with promises of high returns and fake crypto training opportunities given to the investors who are speculating in cryptocurrency. Traders who are offering such provisions have highlighted the Bank’s attention to themselves. The Bank has warned its citizens against cryptocurrency trading.
The Government works in the best interest of the people but when something is not under their legal framework, they cannot possibly protect their people. Hence, the strong statements were immediately issued by the Bank after several other banks in the country started to raise up the complaints of their customers.
Cryptocurrency is not a legal tender in Namibia
Since this week, many countries have opened the legal framework to Bitcoin after its adoption as a legal tender in El Salvador. Nevertheless, Namibia still stands on their stance given in 2018 about cryptocurrency not being legally recognized by the Government. There exists only one legal tender in the nation and that is the sovereign fiat money. The spokesperson, Zemburuka, further emphasizes that they are not being orthodox and shall open new opportunities for digital currency and its adoption in the financial structure.
The Bank claims that they conducted research regarding cryptocurrency and decentralized ledgers to understand the position it puts the people into. However, the rate of scams and risks associated with the aforementioned is so high that Governments are backing out from any advancements in the cryptocurrency ecosphere.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
