{"id":10040,"date":"2021-07-25T18:54:04","date_gmt":"2021-07-25T18:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/namibia-central-bank-to-complete-crypto-study-by-april-2022-governor-says-current-laws-do-not-permit-use-of-digital-assets\/"},"modified":"2021-07-25T18:54:04","modified_gmt":"2021-07-25T18:54:04","slug":"namibia-central-bank-to-complete-crypto-study-by-april-2022-governor-says-current-laws-do-not-permit-use-of-digital-assets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/namibia-central-bank-to-complete-crypto-study-by-april-2022-governor-says-current-laws-do-not-permit-use-of-digital-assets\/","title":{"rendered":"Namibia Central Bank to Complete Crypto Study By April 2022 \u2014 Governor Says Current Laws Do not Permit Use of Digital Assets"},"content":{"rendered":"

The Bank of Namibia (BON) is on course to complete its study into cryptocurrencies by April 2022, the central bank governor, Johannes Gawaxab recently confirmed. The governor however reiterated that cryptocurrencies are not legal tender as there is currently no provision for digital currency use in the country\u2019s laws. <\/strong><\/p>\n

Although Gawaxab did acknowledge that cryptocurrencies \u201care not a bad thing,\u201d he still argues that attempts to approve the use of cryptocurrencies in Namibia will not be easy. In a video<\/a> shared by the country\u2019s state broadcaster, the governor explains why it\u2019s almost impossible to formally introduce cryptocurrencies in that country. He explained:<\/p>\n

As Common Monetary Area [CMA] four countries, Lesotho, Swaziland, South Africa and Namibia, we need to collectively look at the cryptocurrencies. We cannot look at [this] just as one country because this going to impact the [entire] CMA currency pool.<\/p>\n

<\/p>\n

The Governor\u2019s Crypto Warning<\/h2>\n

Namibia, as a member of CMA, is obliged to pursue foreign exchange and monetary policies that are consistent with those of the three other member countries. Therefore, as the Gawaxab indicates, Namibia will only move to incorporate cryptos when the CMA \u2014 whose policies are reportedly heavily influenced<\/a> by the South African Reserve Bank \u2014 collectively agrees to this.<\/p>\n

However, despite the lack of laws that govern the use of digital currencies, Gawaxab still warned Namibians of the dangers of cryptocurrency trading. Gawaxab\u2019s warning marks the second time the BON has expressed concern over the proliferation of crypto-related scams. As reported<\/a> by Bitcoin.com News in June 2021, the central bank has previously warned Namibians that it would not entertain complaints by victims of cryptocurrency-related scams.<\/p>\n

What are your thoughts on BON\u2019s remarks about cryptocurrencies? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Bank of Namibia, CMA, Common Monetary Area, Crypto Scams, cryptocurrency study, Cryptocurrency Trading, Johannes Gawaxab, South African Reserve Bank<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Namibia (BON) is on course to complete its study into cryptocurrencies by April 2022, the central bank governor, Johannes Gawaxab recently confirmed. The governor however reiterated that cryptocurrencies are not legal tender as there is currently no provision for digital currency use in the country\u2019s laws. Although Gawaxab did acknowledge that cryptocurrencies…<\/p>\n","protected":false},"author":0,"featured_media":10041,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10040"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10040"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10041"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}