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Bank of Namibia Warns Crypto Traders It Will ‘Not Entertain Complaints’ If They Get Scammed – Regulation Bitcoin News


The Bank of Namibia (BON) has warned individuals investing in cryptocurrencies that it will not consider their complaints if they are scammed. The institution argues that since its mandate does not currently cover digital currencies, it lacks the “legal power” to follow up on such complaints.

Growing Namibian Interest in Crypto

This latest BON warning about the risks associated with cryptocurrency trading comes as Namibia is witnessing increased reports of crypto investors losing money to scammers. As mentioned in a report, scammers are using training opportunities along with the promise of high returns to lure their victims.

Meanwhile, in response to a the inspection From a local media outlet, Kazembier Zemburuka, a spokesman for the central bank, claimed that as the sole issuer of Namibian legal tender, BON “does not recognize, endorse and recommend the possession, use and trading of cryptocurrencies by members of the public”. “

While Namibia, like many other African states, has taken a stance against cryptocurrencies, its citizens (as Zemburuka acknowledged) are still willing to invest in cryptocurrencies. This interest, in turn, has prompted BON to issue risk warnings to crypto-traders operating in its jurisdiction. Zemburuka said:

Thus, the bank will have no recourse in the event of financial loss or misfortune to the members of the public doing so.

BON’s Digital Currency Study

Meanwhile, a BON spokesperson revealed that the Bank of Namibia is currently “in the process of conducting further research on cryptocurrencies,” despite their organization’s skeptical stance on digital currencies. According to media reports, after this additional research is finalized, BON will “update its position as deemed necessary.”

Nevertheless, the report still cites BON as reiterating a position on the cryptocurrency that was initially adopted in 2018. The report also stated that any cryptocurrency exchanges established and operating in Namibia are “illegal”, a position supported by the country’s Currency and Exchange Act. of 1933. According to this law, there is currently no provision in Namibia for the establishment of cryptocurrency exchanges or bureaus.

What are your thoughts on Bonn’s latest comments on cryptocurrency trading? You can let us know what you think in the comment section below.

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