Central Banking

Namibia weighs in on DLT debate

Central bank deems unregulated virtual currencies “unsafe”

cryptocurrency

The Bank of Namibia will begin to carry out research to decide whether distributed ledger technology has the potential to transform financial sector infrastructure.

In a paper released this month, the African central bank concludes virtual currency is not legal tender and should be considered “unsafe”. Virtual currency trading in Namibia is currently not regulated.

However, the central bank does recognise distributed ledger technology may have potential benefits in its application to trading

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