The Governor of the Bank of Namibia, which is the Central Bank of Namibia, has said that Namibia, in partnership with other Southern African countries, collectively need to look at a regulatory framework for cryptocurrencies.
While acknowledging that cryptocurrencies are not a bad thing, Mr. Gawaxab said that currently there is no regulatory framework in Namibia to govern such.
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SEE ALSO: 80% of Bitcoin Trade Namibia On/Off-Ramp Volumes Are Now via The Lightning Network as of April 2021
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As a member of the Common Monetary Area (CMA), Namibia is obliged to follow foreign exchange and monetary policies consistent with the three other member countries.
The CMA countries include:
As a result, Namibia’s monetary regulations, including crypto, are governed by those of CMA, which are heavily influenced by the South African Reserve Bank (SARB).
The CMA countries all use the South African Rand as legal tender despite the other member states issuing their own currencies.
The Bank of Namibia is currently studying cryptocurrencies and is expected to complete and publish its study by April 2022 as it looks at the current regulatory landscape.
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RECOMMENDED READING: Bank of Namibia Reiterates its 2018 Position on Crypto Amidst Rising Crypto Scams in the Country
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