Bank of Namibia says Virtual Assets can be Accepted as Payment

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The Bank of Namibia (BON) has stated that whereas cryptocurrencies don’t have any authorized tender standing within the nation, it has now introduced “virtual assets (VA) and virtual assets service providers” (VASP) below its Fintech Innovations Regulatory Framework.

According to the assertion, even if privately issued digital currencies are nonetheless not formally recognised as authorized tender, merchants and retailers are nonetheless permitted to take cost on this method so lengthy as they’re keen to take part in such an trade or commerce.

The central financial institution has beforehand said that it doesn’t recognise, help and advocate the possession, use and buying and selling of cryptocurrencies by members of the general public. The financial institution additionally cautioned Namibians that in the event that they suffered losses, they might don’t have any authorized recourse.

Johannes Gawaxab, the BON governor said, “The future of money is at an inflection point. The battle between regulated and unregulated money on the one hand, and sovereign versus non-sovereign money on the other.”

However, Gawaxab asserted that he thinks central financial institution digital currencies (CBDCs) present one thing that digital currencies which can be issued or developed privately don’t.

The BON governor issued a warning, nonetheless, noting that his company won’t be hurried into implementing a CBDC regardless of evaluating and researching its viability.

Gawaxab added “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.”

Compiled by Coinbold

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