Namibia Now Accepts Bitcoin As Payment

[Asiska02]

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:









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.


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

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[Zanab247]

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.

[samuraijin]

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

[Anonylz]

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.

[Welsh]

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.

[BitMaxz]

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.

[bitpotter]

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.

[Wiwo]

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 corruption. 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.

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.

[Welsh]

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.

[DapanasFruit]

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.

[Zlantann]

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. 

[m2017]

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.

[Ahli38]

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.

[hyudien]

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.

[mindrust]

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.

[BlockChainMentor]

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.

[bittraffic]

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.

[gabbie2010]

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.

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.

[noormcs5]

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.

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.

[Pmalek]

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.

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.