Namibia Now Accepts Bitcoin As Payment

[Don Pedro Dinero]

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.

[fuguebtc]

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.

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.

[harapan]

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.

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.

[gunhell16]

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.

[Pierre 2]

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.

[Sarah Azhari]

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.

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.

[Zaguru12]

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

[Kakmakr]

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)  

[pawanjain]

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.

[Victorik]

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.

[n0ne]

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.

[Dunamisx]

First El Salvador, and yesterday I saw a post in this forum about MEXICO accepting BTC as a legal currency. And today I see this. Namibia. And i also heard some gossip about Canada and some other country accepting too. Which country will be the next. I wish my country will accept BTC as well.

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.

[Oneandpure]

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.

[TimeTeller]

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.

[BIT-BENDER]

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.

[KennyR]

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.

[TelolettOm]

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.

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 seems that almost all countries will accept Bitcoin Legally.

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.

[Lizzylove1]

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.

[Piesel]

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.

[Asiska02]

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.

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.