Bitcoin Forum

Despite the absence of legal status for cryptocurrencies in Namibia. Payments in Bitcoin and other cryptocurrencies will still be accepted, according to a statement from the Central Bank of Namibia.

This occured after the gradual inclusion of "virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework through its innovation center".

Although digital currencies like Bitcoin (BTC) are still not legally recognized, the BON had emphasized in a statement released around the end of September that merchants and dealers may accept payment in this form if they are "ready to participate in such an exchange or trade."

This is the statement that was previously made below:

https://i.postimg.cc/HWvDcz80/35-B8-F2-FD-2-B3-D-4-DC2-AEDE-952-CDFC2-A9-CD.jpg

https://i.postimg.cc/g0tfyXyX/C5-E5277-C-D317-434-A-A2-E6-209-ABCE5717-A.jpg

https://i.postimg.cc/rFdz5xSW/521-F8916-0363-4016-ADFA-5047543-E08-BB.jpg

https://i.postimg.cc/SxB9nV3J/FE78-EDC0-BD16-40-DA-A419-83-BCB46790-F0.jpg

The bank's changing position on cryptocurrencies appears to be a sign that the BON is becoming more accepting of them. The central bank stated in the past:
It did “not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public.” The bank also warned Namibians there would be no legal recourse in the event they lost money.

Namibia does not, however, rank among the top African nations in terms of the number of bitcoin users. However, as a result of this action by Namibia's central bank, there is hope that the usage of cryptocurrency would be accepted and made legal there, which will spread the beneficial use of it among other African nations.

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https://finbold.com/namibias-central-bank-says-bitcoin-can-be-accepted-as-payment/

https://www.bon.com.na/

https://www.google.com/amp/s/cryptonomist.ch/2022/10/07/central-bank-of-namibia-enables-payments-in-bitcoin-and-other-crypto/

https://www.namibian.com.na/211884/archive-read/BoN-will-not-defend-victims-of-crypto-scammers

I think, there is a hope for the bitcoiners in Namibia that very soon their government will make Bitcoin legal for their citizens to have access to Bitcoin in the country. Allowing other digital currency for any kind of payment except Bitcoin will not make their bitcoiners to believe that the governments is working for their favour without include Bitcoin, because many bitcoiners in the country are very ready to start accepting Bitcoin as a payment in their businesses.

is Namibia including the plains of Africa, if true maybe it's true that the plains of Africa are currently widely adopting bitcoin there and that in some countries there are also starting to adopt bitcoin, so even though this is interesting news but it doesn't have an effect on the current bitcoin price , we need more good news to come to make the bitcoin price even more, but your efforts to share this news are worth appreciating

I think accepting as indicated in the OP and adoption is quite different.
Namibia 🇳🇦 is part of Africa and by accepting btc it means the government have decided to loss their earlier strict policy against crypto possession. Right the citizens of Namibia can freely accept btc and other crypto without any fear according to the above information.
This is good news, there is always a beginning.

Africa in general seem to be replacing either their local currencies or adding Bitcoin additionally to their local currencies. The thing is, it makes sense. The areas that Bitcoin is adopted most in Africa are the poorer regions, or the regions known for corruption. So, the poor are generally looking for a way to rise above that corruption, and make their money to feed their families. Bitcoin, provides a lot of things that makes that happen for them.

Especially with banks. I believe there's been issues in Africa (and other countries mind you) over the years with the banks being corrupt, and keeping the people's money. So, of course Bitcoin provides the opportunity to take out that third party, and therefore take the risk out of it.

At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from the corruption. Obviously, I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.

I notice that there are many banks locally now accepting Bitcoin with free offers because here in my country they gradually developing and learning about Bitcoin.

It seems that almost all countries will accept Bitcoin Legally. Let's see if we can see some impact on the price this coming December.

It's a right move for banks in your country to legalize bitcoin so that it will be widely adopted. Unfortunately, the bank in my country has not been realized, but I'm still optimistic that next year there will be a bank that accepts bitcoin.

You are very correct and am sure you covered almost everything as regards to African governments and Bitcoin adoption generally, I leave in Nigeria and I know what it takes to go through the third-party banking system and how Bitcoin has become a better alternative even though some African countries not making Bitcoin legal and central banks attacks on Bitcoin, even though the is a high volume of cryptocurrency trading in this countries. I had an ugly experience last month in Cameron, I traveled in from Nigeria to Cameron for a company event, and on the last day of my departure back to Nigeria my flight was canceled and I was already out of Cameron CFA, and no one around unless Nigeria the exchange of both local currencies was almost impossible even though both are African countries. I hard to make use of my Bitcoin exchanged it and used the money to see myself through. So in Africa, Bitcoin has become a better alternative to banknotes.

Which is brilliant to see. I think this is something that a lot of people miss out on. Bitcoin truly has achieved its goal, and gone well beyond what we thought was possible all those years ago. I think part of the plan was creating something like it, but getting people to adopt it, and actively use it was another challenge all together.

For example, in the UK we don't get presented with the same challenges, exchanging local currencies, and all of that is relatively simple. So, it's always nice to learn about how Bitcoin has actually got people out of a situation which 15 years ago they may have been stuck in. I did touch upon it, but I do believe Africa is one of the places proving this every day, that Bitcoin is a viable option, but also has already achieved its goal.

I think the same thing is happening here in my country...there is no formal pronouncement of the policy of accepting Bitcoin but it is allowed to be used as a medium of exchange. There is actually no need to be fully follow what El Salvador did on this matter. What is important is that Bitcoin is given an open status and not what China did to cryptocurrency and mining which was then unfortunate. I am looking forward to rise of Bitcoin transactions coming from the people of Namibia...proving once more that Africa is becoming like the new frontier for cryptocurrency especially that of Bitcoin.

Unlike most African countries Namibian economy is not doing badly and its currency has been averagely stable to a large extent. With a population of about 2.5 million people, unemployment has constantly declined. They have good infrastructures which include multiple internet service providers. It can be assumed that, unlike most African countries, Namibians can invest in Bitcoin because most of them can provide their basic needs and have some kind of extra savings. This country also has an excellent literacy rate because just less than 9% of the population are uneducated.

But the good news is that about 50% do not have access to banking facilities due to the high cost of financial services and excessive bureaucratic bottlenecks associated with banking services. Banking services in Africa are sometimes nightmares; some people would never want such experiences. They are not customer-centered and very demanding. Bitcoin would be an appropriate alternative for the citizens of this promising nation.

The government just woke up from its slumber to understand that a country that derives a large part of its income from tourism but discourages the use of Bitcoin is making a big economic blunder. Nevertheless, we hope that this move would be prosperous. 

Well, finally the governments of countries with poor and weak economies like Namibia are starting to see an advantage in using bitcoin. Their local currency is subject to very high inflation and it makes sense for such countries to switch to btc. It is possible that the mass adoption of crypto currencies will come not from the side of developed countries and strong economies, because in principle everything is fine with them and there are no strong incentives to change something in their system. Therefore, I assume that the implementation of bitcoin may begin from African countries, like Namibia. The main reason for which is that the value of the national currency is rapidly depreciating.

Lately I've been reading a lot of good news regarding bitcoin and crypto and it's always more coming from countries in africa and middle east. one of which is good news written by the OP here. It seems that countries from Africa and the Middle East are indeed more open to Bitcoin and cryptocurrencies. So do not be surprised if the increase in the number of crypto users there continues to increase rapidly. the increase is not without reason but indeed because there is support from progressive government initiatives.

Public distrust of local banks in Namibia is one of the reasons why Bitcoin should be used as an alternative. The reason may be the strict Bank policies and regulations that may impose a burden on the people of Namibia to remain subject to the bank. Whereas Bitcoin provides them with a solution where they don't need any regulations and requirements to hold Bitcoin. Plus Bitcoin has a fluctuating value that can provide benefits, so the people of Namibia have a potential source of income without the need to contact the bank.

They are basically saying “You are free to receive or spend crypto but we won’t compensate your losses if you do dumb shit.” That’s the situation in almost every country which haven’t banned crypto. I don’t see anything special with Namibia. Not banning crypto is an accomplishment for an African country though I can agree.

Maybe they will also dump their crap national currency and move to bitcoin like el Salvador did. That would be a lot more cooler.

I think many african countries are standing in front accepting bitcoin as their payment , I think it is good news. Many traders , local shop , and their customers will transact through payment app without using their fiat currency in their pocket and it is moving to achieve decentralization and transparency.

Central Africa and Nigeria had been adopting Bitcoin already, I guess the rest are just following what the largest economy in the continent is doing. They can work together for crypto to work for their benefit.

What I'm amazed actually is that IMF or any other finance agency is reacting to the adoption of crypto in this region while in El Salvador, the IMF wants the president to stop what he is doing. I was thinking maybe there is something they know that we don't. :)

Gradually those government officials are coming to terms with reality with regards to adoption of bitcoin, Namibia being the lastest county to adopt it really shows how the adoption of bitcoin will boost payment system in their country, according to a news report the Namibian Central Bank Government who was formerly a staunch critic of cryptocurrencies is considering relaxing the  regulation of bitcoin, however, with this latest news I believe he had lessen his stance to opposing the use of bitcoin in that country, following that report Binance CEO had tweeted his satisfaction on the adoption payment system via Bitcoin, this is another good news from Africa.

So is this the beginning of adoption of bitcoin in Africa ? I think after Namibia, other African nations will follow the same and bitcoin should become a medium of exchange in African countries. If this happens, Africa will soon be able to compete with more developed nations of the world as they can use bitcoin to develop their country and community.

The western world has deprived the African nations the basic rights, that's why they are still too under developed. Now is the time for Namibia and other nations to make their name by adopting bitcoins.

Only time will tell. This announcement doesn't make Bitcoin legal tender. The Central Bank has just decided to look the other way, and it doesn't mind that individuals or businesses use virtual assets (that's the term they use and not Bitcoin) as a medium of exchange. But they still warn their citizens of the dangers of using unregulated currencies (cryptocurrencies), and they are considering introducing a Namibian CBDC. If that happens, they would rather have people use the centralized government asset rather than bitcoin, which they can't touch or regulate.

In the end, this is not very exciting news, it has not been given legal tender status but, as in many other countries, payment with cryptocurrencies or charging with them by companies is tolerated. This is good news, don't get me wrong. They have simply joined what generally happens in most countries in the world, that cryptocurrencies are tolerated, they are allowed to be transacted with, without being considered legal tender.

hope what you say will come true, not only Africa but many 3rd world countries have been deprived of basic rights by the US and western countries, making them unable to develop. Bitcoin is a tool that helps a lot of individuals become richer and an opportunity for a lot of poor people to have the opportunity to become rich like other rich people but for a country it's still a question but I hope all goes well. As long as one country can do it, other countries will surely follow, which will help bitcoin gain more acceptance and popularity.

This is an exciting new, far before now bank's have been way dump as the level of hingsight they had about the future of Bitcoin was low
⁵/²⁰ bit you should Abe happy regardless, since having more adoption around the world is the best adoption right.
It's the right move from African countries, they are pushing the bitcoin adoption to another level. Possibly, in the future, they can now buy and sell Bitcoin directly from the bank.

Almost recently I read something that other local governments support cryptocurrency, and just recently I read something here in our forum that in the country of Mexico it is being talked about, and now it is in the African country where this place is of Namibia.

It seems that little by little each country will accept cryptocurrency in their economy for merchants and companies as one of the online payment methods. This is another good impact on all bitcoin enthusiasts.

Looks like it will only take short amount of time to recognize Bitcoin over time even though they don't recognize it yet. I think every other country is important with Bitcoin adoption. African countries may look small but there are many people living in Africa. This will increase influence of Bitcoin all around continent. Other governments may reconsider if they look cold to Bitcoin. Congratulations to Namibians in this. Bitcoin is changing the world.

Sometimes this matter makes me worry, If many countries accepted bitcoin, Will the market supply is decreasing?. if yes, Many people, including me will difficult to buy because the supply is reduced and if anyone sells his bitcoin Of course it won't be cheap.

I hope this is the last one, no more counties accepting bitcoin because right now, I don't have money to buy more.

Although the increasing demand will definitely result to bitcoin scarcity mostly after 21 Million margin is fully mined. The early investors will be at advantage when the price sky rockets.

But I don't want the adoption to stop now but to spread because we are not after the price but its decentralisation and how people could avoid unnecessary inflation cause by fiat.

Just like Namibia it is just a matter of time before other African countries take the bold step. It is not surprising seeing more Africans getting attracted to bitcoin because it is easier to keep than the local fiat which loses value continuously against exchange rates

Namibia is not really your ideal vacation destination, but if you are into warmer weather and fishing... then you will feel right at home there. I have been to Namibia on several fishing trips and we as a group have spend a lot of money staying there for weeks. (It is nowhere near Dubai, but it has a much better vibe)

So, having them accepting Bitcoin... opens up a new reason for us to go back there as Bitcoin tourists ...and to enjoy the massive desert and wide open areas.... (a getaway from the busy city life.... and being in nature)  ;)

Wow, this is such a good news. After El Salvador it seems that Namibia is setting the foot forward toward adoption of cryptocurrencies.
Lets see how this action turns toward their favor or not but I hope with this regulation, other countries gets encouraged to start accepting cryptocurrencies too.
I see that the announcement was on September 23 but still it's impact is not much seen on bitcoin price as the price is still around $19k itself.

Meanwhile in a country in West Africa, the central bank has ask Banks not to allow any transactions on cryptocurrency, and any account that violates such order gets frozen.

What Namibia is doing is really amazing. You can't deny the fact that cryptocurrency has come to stay and denying this obvious fact will not do well for your economy.


Nice move, and I hope they succeed.

African countries keeps adding bitcoin as payments and for different transaction needs. Long back in an interview with a women who is into business buying things from business sells back into their country. I don't remember the country, and she mentioned she used bitcoin as an easy asset to carry whereas it is hard for them to carry their inflated currencies.

Long back itself African country people have begun to use bitcoin and cryptocurrencies for different needs amidst the regulation and legality within the country. With time  usage will increase and the same is being happening with Namibia.

I think this is part of an accomplishment of a great milestone but let's anticipate further for the big catch ahead in seeing the next country to third the adoption of bitcoin as a legal tender, i believe since it's a thing of long term decision by many countries to consider a number if factors to back it up, i also believe taking a decision like this may not be as quick as expected since it's something that goes with protocols but despite all, i still got encouraged by El-Savador and Central African Republic for their decision and prompt response in acting toward the adoption.

Namibia is country located on southwest Africa and seems not really familiar on our hear depending economic condition or another great technology have by this country. Appreciated with southwest Namibia decision to make Bitcoin as legal and accepted currency payment but not have any big impact to make Bitcoin can reach higher price. Still dominance with small country have lower economic condition for legalizing bitcoin as payment currency from El Savador until with new country accepted Bitcoin is Namibia.

Comparison could be 10 small countries accepted Bitcoin as payment currency still not give positive impact with one highest country have good reputation their economic if want accepted Bitcoin. Slowly will have another new country accepted Bitcoin later and actually with many advantage get by using Bitcoin I believe on next time will have many countries accepted and make Bitcoin become legal currency payment.

Small countries are open-minded with this change in approach towards bitcoin because it is quite easy to implement to their people.
But we can't disregard their impact in the market. Because if neighboring countries are seeing its positive impact to their economy,
who knows which country will follow their path?
It may not have significant impact to the market but people will change their perspectives towards crypto if they are seeing success with such initiative.
You won't know who or what institutions they will be influenced if they are showing successful outcome because of this move.

I think this system works fine to me. A system where the government allows people to make the choice. I think Namibia are taking a bold step. I am from the country that has placed a complete ban on the Use of crypto-currency but I know how many times people has bought things online using same crypto-currency, so who is fooling who?
It's better that government recognizes that they can really check mate crypto-currency and it's not something they can scare people to stop using, I think if they actually looking out for their citizens then can do what we see on cigarettes packs (warn people about the risk and also tell people about the benefits of Crypto-currency) and then give people the option to making their own choices.

The decision to go with the people's choice is a must in today's world. The government's role is to understand the need of the people and do things accordingly. Maybe more countries can follow this, but when we take in account the population of Namibia it is around 2.5million. It is regarded as one among the country with good economy among the African nations based on the per capita income. This is a good step, but this won't make big impact on the bitcoin market and path towards adoption.

Bitcoin is getting more popular, it becomes an important part of human life nowadays. More demands day after day, that's why banks are trying to understand the situation and are starting to accept Bitcoin. Now, banks may have realized that they also can take advantage of Bitcoin. So, they stop to refuse it, they know it is impossible to stop Bitcoin.

It depends on the laws of the country. If the laws don't prohibit other currencies to use in the country, so it is possible that Bitcoin to be accepted legally both as digital assets and payment tools. But if the laws only allow the national currency of the country, Bitcoin may be considered as digital assets only but cannot be used as a legal currency there.

This is commendable and a good steps for the Namibians. Banks are scared of bitcoin because of its decentralized nature with so many benefits which outweighs the current conventional banking. This will make it easy for the people to freely and easily buy bitcoin and open up a channel of opportunities for learning centers abut how bitcoin works. I hope other African nations follow suit.

The central bank's focus is on virtual assets and if am not mistaken the terms used in this article, the Central Bank is going to issue the general public their regulated asset and currency in form of CBDC which will further introduce more capitalization and taxation of those assets.

But since they warn the general public about unregulated virtual assets that will be a big pushback to cryptocurrency development. I don't know why most African countries' central banks are having a drawback in their adoption of unregulated assets since their can still manage their way around it to generate tax and other developments.

You are in some ways correct in what you are stating. In Nigeria, for instance, the so-called "yahoo boy" online fraudsters have persuaded the general public that using bitcoin is illegal. Even though crime existed before the creation of bitcoin, when they are questioned about the source of their wealth, they utilize bitcoin to mask their criminal activity.

This in turn gives security personnel the impression that everybody interested in bitcoin is also a yahoo boy. Only a small group of them possess adequate knowledge to understand what bitcoin actually involves. Once they discover that you are using Bitcoin on your mobile device, the handful who don't even know will tax you. In general, they’ve made the adoption of bitcoin harder in the country.

I think it is a great move by the Namibian Government to allow for not only the trade of Bitcoin and other cryptocurrencies but also allow for its use as a means of payment even though cautioning the citizens of the risk that comes with it. This is a step in the right direction in terms of crypto adoption cos if the Government didn't see positivity in it, they wouldn't have taken this step and I also believe it is just a matter of time before they confirm it is an official Legal tender however I know they will want to weigh out the pros and cons before taking that move, nonetheless this is good news.

I discovered that it is the developing countries that are hungry to accept Bitcoin. They are also making their laws lenient on Bitcoin while some of the developed countries are not concerned about Bitcoin. Rather they are looking for means to starve bitcoin to death, by making or planning to make unfavourable laws for bitcoin and bitcoin mining.

In the other words, any country which is initially hard on bitcoin and later becomes soft could  be looking for a way to shill their CBDC with bitcoin.

If we are to look into the reality behind some countries yet to adopt bitcoin but have make it a legal for use, i still see no reason to their indecision, they aren't adopting and same way they aren't giving a ban, maybe all they want is to see others with tangible and evident results before they could decide on their own, but what others among them still lack is the understanding that bitcoin have every potential that makes it outstand fiat, the people want bitcoin but the government is against it adoption, yet everyone remain being decentralized still using it including those in government.

The impact of Bitcoin adoption is lasting, and in some cases, it takes up to 4 to 5 years before thos impact can be felt, but the good thing is that Namibia Central bank may have taken the right step by adopting virtual assets but if you look at the article closely you will discover that the statement doesn't cover bitcoin and other decentralized currencies.

More countries that are against cryptocurrency in the past have begun to adopt cryptocurrency finding ways to keep everything under control through the regulated usage. Even now governments weren't ready to accept the real potential of bitcoin, but they're on the side of creating negative things about bitcoin. As said, this is mostly happening with the growing countries. In the name of CBDC countries were trying to control the increasing usage which is wrong calculation.

Developed western nations don't fear for their economy and their national currencies the same way undeveloped countries do. You can't expect the British, Americans, or the Chinese to recognize BTC as legal tender as it will become a direct threat to their fiat currencies.

If we look back at El Salvador, they use the USD as legal tender because they don't have their own. Now they added BTC to the equation.
Namibia uses the Namibian Dollar which is basically a shitcoin. 1 NAD is 0.05 USD.
The francs used in Central African Republic are even worse and I am getting an exchange rate of 0.0015 USD for 1 CFA franc.

I consider it rather disturbing that humans can't sit to think for themselves especially when it come to this monetary sysoand rules placed by the government. Those fiat currencies are backed by government and all gains and profits goes back to them directly or indirectly.

Now talking bout, El Salvador, Namibian and also Central African Republic, it's not about adding Bitcoin, how well can they go after one year accepting Bitcoin, how well has it been utilize ? How many old timers has successfully jumped in Bitcoin real life utilization?
How many businesses are using as a means of payment ? That's all that matters really if you ask me.

I don't know how to get those data analysis of Bitcoin from El Salvador and Central African African Republic, it would be nice to see how they have been 6 months or a year with Bitcoin adoption.


It's also a good growth in a way, Government are too recalcitrant to stuff's like this, but they're loosened to it here, what I'm not comfortable with is the introduction of CDBC'S. Which they'll be forced to hold once government stop's circulation of them physical fiat.

This is something that you can find out on site. It's impossible to know by reading a few articles or looking at interviews with the President. Older and not technically gifted folks will struggle working with a smartphone and getting the grip of bitcoin. They are not the target group for innovation, but still have to be considered.

To understand what the regular people think of bitcoin and if they use it, you walk down a random street and enter small shops and private businesses. By talking with the people there and asking them do they accept crypto and what they think about it will give you the information you need to know. That's completely different from tourist locations, shopping malls, and stuff like that.   

Undoubtedly, the Central Bank of Namibia (BON) has made a very important innovative decision. Allowing Bitcoin to be used as a means of payment will one day open the door to its legal recognition. Therefore, BON has made an important decision where we can predict what might happen in the future. I think Namibia is already among the countries that are close to legally recognizing Bitcoin. Congratulations to the Central Bank of Namibia and Namiby politicians for contributing to the adoption of Bitcoin.

Could the next ones be from this list?

https://twitter.com/nayibbukele/status/1526029996787216387