Meanwhile in a country in West Africa, the central bank has ask Banks not to allow any transactions on cryptocurrency, and any account that violates such order gets frozen.
What Namibia is doing is really amazing. You can't deny the fact that cryptocurrency has come to stay and denying this obvious fact will not do well for your economy.
Nice move, and I hope they succeed.
Topic: Namibia Now Accepts Bitcoin As Payment - page 2. (Read 507 times)
Wow, this is such a good news. After El Salvador it seems that Namibia is setting the foot forward toward adoption of cryptocurrencies.
Lets see how this action turns toward their favor or not but I hope with this regulation, other countries gets encouraged to start accepting cryptocurrencies too.
I see that the announcement was on September 23 but still it's impact is not much seen on bitcoin price as the price is still around $19k itself.
Lets see how this action turns toward their favor or not but I hope with this regulation, other countries gets encouraged to start accepting cryptocurrencies too.
I see that the announcement was on September 23 but still it's impact is not much seen on bitcoin price as the price is still around $19k itself.
Namibia is not really your ideal vacation destination, but if you are into warmer weather and fishing... then you will feel right at home there. I have been to Namibia on several fishing trips and we as a group have spend a lot of money staying there for weeks. (It is nowhere near Dubai, but it has a much better vibe)
So, having them accepting Bitcoin... opens up a new reason for us to go back there as Bitcoin tourists ...and to enjoy the massive desert and wide open areas.... (a getaway from the busy city life.... and being in nature)
So, having them accepting Bitcoin... opens up a new reason for us to go back there as Bitcoin tourists ...and to enjoy the massive desert and wide open areas.... (a getaway from the busy city life.... and being in nature)
I hope this is the last one, no more counties accepting bitcoin because right now, I don't have money to buy more.
Although the increasing demand will definitely result to bitcoin scarcity mostly after 21 Million margin is fully mined. The early investors will be at advantage when the price sky rockets.
But I don't want the adoption to stop now but to spread because we are not after the price but its decentralisation and how people could avoid unnecessary inflation cause by fiat.
Just like Namibia it is just a matter of time before other African countries take the bold step. It is not surprising seeing more Africans getting attracted to bitcoin because it is easier to keep than the local fiat which loses value continuously against exchange rates
It seems that little by little each country will accept cryptocurrency in their economy for merchants and companies as one of the online payment methods. This is another good impact on all bitcoin enthusiasts.
Sometimes this matter makes me worry, If many countries accepted bitcoin, Will the market supply is decreasing?. if yes, Many people, including me will difficult to buy because the supply is reduced and if anyone sells his bitcoin Of course it won't be cheap. I hope this is the last one, no more counties accepting bitcoin because right now, I don't have money to buy more.
Looks like it will only take short amount of time to recognize Bitcoin over time even though they don't recognize it yet. I think every other country is important with Bitcoin adoption. African countries may look small but there are many people living in Africa. This will increase influence of Bitcoin all around continent. Other governments may reconsider if they look cold to Bitcoin. Congratulations to Namibians in this. Bitcoin is changing the world.
Almost recently I read something that other local governments support cryptocurrency, and just recently I read something here in our forum that in the country of Mexico it is being talked about, and now it is in the African country where this place is of Namibia.
It seems that little by little each country will accept cryptocurrency in their economy for merchants and companies as one of the online payment methods. This is another good impact on all bitcoin enthusiasts.
It seems that little by little each country will accept cryptocurrency in their economy for merchants and companies as one of the online payment methods. This is another good impact on all bitcoin enthusiasts.
In the end, this is not very exciting news, it has not been given legal tender status but, as in many other countries, payment with cryptocurrencies or charging with them by companies is tolerated. This is good news, don't get me wrong. They have simply joined what generally happens in most countries in the world, that cryptocurrencies are tolerated, they are allowed to be transacted with, without being considered legal tender.
This is an exciting new, far before now bank's have been way dump as the level of hingsight they had about the future of Bitcoin was low
⁵/²⁰ bit you should Abe happy regardless, since having more adoption around the world is the best adoption right.
It's the right move from African countries, they are pushing the bitcoin adoption to another level. Possibly, in the future, they can now buy and sell Bitcoin directly from the bank.
I think, there is a hope for the bitcoiners in Namibia that very soon their government will make Bitcoin legal for their citizens to have access to Bitcoin in the country. Allowing other digital currency for any kind of payment except Bitcoin will not make their bitcoiners to believe that the governments is working for their favour without include Bitcoin, because many bitcoiners in the country are very ready to start accepting Bitcoin as a payment in their businesses.
So is this the beginning of adoption of bitcoin in Africa ? I think after Namibia, other African nations will follow the same and bitcoin should become a medium of exchange in African countries. If this happens, Africa will soon be able to compete with more developed nations of the world as they can use bitcoin to develop their country and community.
The western world has deprived the African nations the basic rights, that's why they are still too under developed. Now is the time for Namibia and other nations to make their name by adopting bitcoins.
hope what you say will come true, not only Africa but many 3rd world countries have been deprived of basic rights by the US and western countries, making them unable to develop. Bitcoin is a tool that helps a lot of individuals become richer and an opportunity for a lot of poor people to have the opportunity to become rich like other rich people but for a country it's still a question but I hope all goes well. As long as one country can do it, other countries will surely follow, which will help bitcoin gain more acceptance and popularity.
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In the end, this is not very exciting news, it has not been given legal tender status but, as in many other countries, payment with cryptocurrencies or charging with them by companies is tolerated. This is good news, don't get me wrong. They have simply joined what generally happens in most countries in the world, that cryptocurrencies are tolerated, they are allowed to be transacted with, without being considered legal tender.
So is this the beginning of adoption of bitcoin in Africa ? I think after Namibia, other African nations will follow the same and bitcoin should become a medium of exchange in African countries.
Only time will tell. This announcement doesn't make Bitcoin legal tender. The Central Bank has just decided to look the other way, and it doesn't mind that individuals or businesses use virtual assets (that's the term they use and not Bitcoin) as a medium of exchange. But they still warn their citizens of the dangers of using unregulated currencies (cryptocurrencies), and they are considering introducing a Namibian CBDC. If that happens, they would rather have people use the centralized government asset rather than bitcoin, which they can't touch or regulate. 
I think, there is a hope for the bitcoiners in Namibia that very soon their government will make Bitcoin legal for their citizens to have access to Bitcoin in the country. Allowing other digital currency for any kind of payment except Bitcoin will not make their bitcoiners to believe that the governments is working for their favour without include Bitcoin, because many bitcoiners in the country are very ready to start accepting Bitcoin as a payment in their businesses.
So is this the beginning of adoption of bitcoin in Africa ? I think after Namibia, other African nations will follow the same and bitcoin should become a medium of exchange in African countries. If this happens, Africa will soon be able to compete with more developed nations of the world as they can use bitcoin to develop their country and community.
The western world has deprived the African nations the basic rights, that's why they are still too under developed. Now is the time for Namibia and other nations to make their name by adopting bitcoins.
is Namibia including the plains of Africa, if true maybe it's true that the plains of Africa are currently widely adopting bitcoin there and that in some countries there are also starting to adopt bitcoin, so even though this is interesting news but it doesn't have an effect on the current bitcoin price , we need more good news to come to make the bitcoin price even more, but your efforts to share this news are worth appreciating
I think accepting as indicated in the OP and adoption is quite different.
Namibia 🇳🇦 is part of Africa and by accepting btc it means the government have decided to loss their earlier strict policy against crypto possession. Right the citizens of Namibia can freely accept btc and other crypto without any fear according to the above information.
This is good news, there is always a beginning.
Central Africa and Nigeria had been adopting Bitcoin already, I guess the rest are just following what the largest economy in the continent is doing. They can work together for crypto to work for their benefit.
What I'm amazed actually is that IMF or any other finance agency is reacting to the adoption of crypto in this region while in El Salvador, the IMF wants the president to stop what he is doing. I was thinking maybe there is something they know that we don't.
What I'm amazed actually is that IMF or any other finance agency is reacting to the adoption of crypto in this region while in El Salvador, the IMF wants the president to stop what he is doing. I was thinking maybe there is something they know that we don't.
I think many african countries are standing in front accepting bitcoin as their payment , I think it is good news. Many traders , local shop , and their customers will transact through payment app without using their fiat currency in their pocket and it is moving to achieve decentralization and transparency.
They are basically saying “You are free to receive or spend crypto but we won’t compensate your losses if you do dumb shit.” That’s the situation in almost every country which haven’t banned crypto. I don’t see anything special with Namibia. Not banning crypto is an accomplishment for an African country though I can agree.
Maybe they will also dump their crap national currency and move to bitcoin like el Salvador did. That would be a lot more cooler.
Maybe they will also dump their crap national currency and move to bitcoin like el Salvador did. That would be a lot more cooler.
Public distrust of local banks in Namibia is one of the reasons why Bitcoin should be used as an alternative. The reason may be the strict Bank policies and regulations that may impose a burden on the people of Namibia to remain subject to the bank. Whereas Bitcoin provides them with a solution where they don't need any regulations and requirements to hold Bitcoin. Plus Bitcoin has a fluctuating value that can provide benefits, so the people of Namibia have a potential source of income without the need to contact the bank.
Lately I've been reading a lot of good news regarding bitcoin and crypto and it's always more coming from countries in africa and middle east. one of which is good news written by the OP here. It seems that countries from Africa and the Middle East are indeed more open to Bitcoin and cryptocurrencies. So do not be surprised if the increase in the number of crypto users there continues to increase rapidly. the increase is not without reason but indeed because there is support from progressive government initiatives.
Well, finally the governments of countries with poor and weak economies like Namibia are starting to see an advantage in using bitcoin. Their local currency is subject to very high inflation and it makes sense for such countries to switch to btc. It is possible that the mass adoption of crypto currencies will come not from the side of developed countries and strong economies, because in principle everything is fine with them and there are no strong incentives to change something in their system. Therefore, I assume that the implementation of bitcoin may begin from African countries, like Namibia. The main reason for which is that the value of the national currency is rapidly depreciating.
Unlike most African countries Namibian economy is not doing badly and its currency has been averagely stable to a large extent. With a population of about 2.5 million people, unemployment has constantly declined. They have good infrastructures which include multiple internet service providers. It can be assumed that, unlike most African countries, Namibians can invest in Bitcoin because most of them can provide their basic needs and have some kind of extra savings. This country also has an excellent literacy rate because just less than 9% of the population are uneducated.
But the good news is that about 50% do not have access to banking facilities due to the high cost of financial services and excessive bureaucratic bottlenecks associated with banking services. Banking services in Africa are sometimes nightmares; some people would never want such experiences. They are not customer-centered and very demanding. Bitcoin would be an appropriate alternative for the citizens of this promising nation.
The government just woke up from its slumber to understand that a country that derives a large part of its income from tourism but discourages the use of Bitcoin is making a big economic blunder. Nevertheless, we hope that this move would be prosperous.
But the good news is that about 50% do not have access to banking facilities due to the high cost of financial services and excessive bureaucratic bottlenecks associated with banking services. Banking services in Africa are sometimes nightmares; some people would never want such experiences. They are not customer-centered and very demanding. Bitcoin would be an appropriate alternative for the citizens of this promising nation.
The government just woke up from its slumber to understand that a country that derives a large part of its income from tourism but discourages the use of Bitcoin is making a big economic blunder. Nevertheless, we hope that this move would be prosperous.
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