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Blockchain and Financial Crime Prevention in Namibia: A Regulatory Overview

The use of cryptocurrencies in Namibia remains a grey area, with the Bank of Namibia taking a firm stance against the legality of digital currencies. As of November 2018, there has been no official statement from the bank regarding the regulation of cryptocurrencies in the country.

Legal Framework

Namibia’s stance is largely based on the fact that cryptocurrency is not minted by a central authority, which conflicts with the Bank of Namibia Act that grants the institution sole power to issue notes and coins denominated in the Namibian dollar. The government does not recognize virtual currency as legal tender and prohibits the purchase of goods and services using digital currencies.

Regulatory Challenges

Furthermore, the Currency and Exchanges Act, No.9 of 1993 and the Exchange Control Regulations 1961 prohibit the establishment of exchanges, making it difficult for individuals to engage in cryptocurrency transactions.

Bank of Namibia’s Stance

In its revised statement on cryptocurrencies issued in May 2018, the Bank of Namibia discouraged investing or trading in digital currencies, citing concerns over the lack of recognition as a commodity. The bank also warned against storing cryptocurrency, stating that there is no recourse for individuals who suffer financial losses or misfortunes from their dealings with cryptocurrency.

Cryptocurrency Mining

The legal status of cryptocurrency mining remains unclear in most jurisdictions, including Namibia, due to the lack of specific laws governing digital currencies. However, few countries have banned crypto mining activities outright, although regulatory uncertainty persists in many regions.

Call for Change

In a statement, Viho Mbangu of The Namibian noted that change is needed in Namibia’s laws to accommodate the growing fintech industry and cryptocurrency market. Until then, individuals and businesses looking to engage with digital currencies will need to navigate the complex legal landscape carefully.

Expert Advice

For those seeking guidance on blockchain technology, cryptocurrency, and digital asset law, Freeman Law offers expert advice and consultation services. Contact us today to schedule a meeting or call (214) 984-3410 to discuss your concerns.

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