Namibia’s central bank, BON, announced that it is now incorporating virtual assets (VAs) and virtual asset service providers (VASPs) into its FinTech innovation regulatory framework in a phased manner.
In a statement issued at the end of September, BON emphasized that although digital currencies such as Bitcoin are still not legally recognized, retailers and dealers can accept this form of funding if they are willing to participate in such exchanges or transactions.
Notably, the central bank said it is considering working with other relevant authorities to amend the applicable laws and regulations.
Previously, the central bank said it does not recognize, support and advise the public to own, utilize and trade cryptocurrencies, while also warning Namibians that they have no legal recourse if they lose their money.