Topic: Namibia Now Accepts Bitcoin As Payment - page 3. (Read 507 times)
I think the same thing is happening here in my country...there is no formal pronouncement of the policy of accepting Bitcoin but it is allowed to be used as a medium of exchange. There is actually no need to be fully follow what El Salvador did on this matter. What is important is that Bitcoin is given an open status and not what China did to cryptocurrency and mining which was then unfortunate. I am looking forward to rise of Bitcoin transactions coming from the people of Namibia...proving once more that Africa is becoming like the new frontier for cryptocurrency especially that of Bitcoin.
So in Africa, Bitcoin has become a better alternative to banknotes.
Which is brilliant to see. I think this is something that a lot of people miss out on. Bitcoin truly has achieved its goal, and gone well beyond what we thought was possible all those years ago. I think part of the plan was creating something like it, but getting people to adopt it, and actively use it was another challenge all together. For example, in the UK we don't get presented with the same challenges, exchanging local currencies, and all of that is relatively simple. So, it's always nice to learn about how Bitcoin has actually got people out of a situation which 15 years ago they may have been stuck in. I did touch upon it, but I do believe Africa is one of the places proving this every day, that Bitcoin is a viable option, but also has already achieved its goal.
Africa in general seem to be replacing either their local currencies or adding Bitcoin additionally to their local currencies. The thing is, it makes sense. The areas that Bitcoin is adopted most in Africa are the poorer regions, or the regions known for corruption. So, the poor are generally looking for a way to rise above that corruption, and make their money to feed their families. Bitcoin, provides a lot of things that makes that happen for them.
Especially with banks. I believe there's been issues in Africa (and other countries mind you) over the years with the banks being corrupt, and keeping the people's money. So, of course, Bitcoin provides the opportunity to take out that third party, and therefore take the risk out of it.
At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from corruption. I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.
You are very correct and am sure you covered almost everything as regards to African governments and Bitcoin adoption generally, I leave in Nigeria and I know what it takes to go through the third-party banking system and how Bitcoin has become a better alternative even though some African countries not making Bitcoin legal and central banks attacks on Bitcoin, even though the is a high volume of cryptocurrency trading in this countries. I had an ugly experience last month in Cameron, I traveled in from Nigeria to Cameron for a company event, and on the last day of my departure back to Nigeria my flight was canceled and I was already out of Cameron CFA, and no one around unless Nigeria the exchange of both local currencies was almost impossible even though both are African countries. I hard to make use of my Bitcoin exchanged it and used the money to see myself through. So in Africa, Bitcoin has become a better alternative to banknotes. Especially with banks. I believe there's been issues in Africa (and other countries mind you) over the years with the banks being corrupt, and keeping the people's money. So, of course, Bitcoin provides the opportunity to take out that third party, and therefore take the risk out of it.
At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from corruption. I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.
It's a right move for banks in your country to legalize bitcoin so that it will be widely adopted. Unfortunately, the bank in my country has not been realized, but I'm still optimistic that next year there will be a bank that accepts bitcoin.
I notice that there are many banks locally now accepting Bitcoin with free offers because here in my country they gradually developing and learning about Bitcoin.
It seems that almost all countries will accept Bitcoin Legally. Let's see if we can see some impact on the price this coming December.
It seems that almost all countries will accept Bitcoin Legally. Let's see if we can see some impact on the price this coming December.
Africa in general seem to be replacing either their local currencies or adding Bitcoin additionally to their local currencies. The thing is, it makes sense. The areas that Bitcoin is adopted most in Africa are the poorer regions, or the regions known for corruption. So, the poor are generally looking for a way to rise above that corruption, and make their money to feed their families. Bitcoin, provides a lot of things that makes that happen for them.
Especially with banks. I believe there's been issues in Africa (and other countries mind you) over the years with the banks being corrupt, and keeping the people's money. So, of course Bitcoin provides the opportunity to take out that third party, and therefore take the risk out of it.
At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from the corruption. Obviously, I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.
Especially with banks. I believe there's been issues in Africa (and other countries mind you) over the years with the banks being corrupt, and keeping the people's money. So, of course Bitcoin provides the opportunity to take out that third party, and therefore take the risk out of it.
At the moment, Bitcoin seems to be abused by the rich to make money or for those that are oppressed, and poor to get away from the corruption. Obviously, I'm only going by what the news portrays, so I might not be entirely accurate there, and there might be reasons I'm missing, I suspect there are. However, I do believe it's a major factor in the adoption there.
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.
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, 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.
Despite the absence of legal status for cryptocurrencies in Namibia. Payments in Bitcoin and other cryptocurrencies will still be accepted, according to a statement from the Central Bank of Namibia.
This occured after the gradual inclusion of "virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework through its innovation center".
Although digital currencies like Bitcoin (BTC) are still not legally recognized, the BON had emphasized in a statement released around the end of September that merchants and dealers may accept payment in this form if they are "ready to participate in such an exchange or trade."
This is the statement that was previously made below:
The bank's changing position on cryptocurrencies appears to be a sign that the BON is becoming more accepting of them. The central bank stated in the past:
It did “not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public.” The bank also warned Namibians there would be no legal recourse in the event they lost money.
Namibia does not, however, rank among the top African nations in terms of the number of bitcoin users. However, as a result of this action by Namibia's central bank, there is hope that the usage of cryptocurrency would be accepted and made legal there, which will spread the beneficial use of it among other African nations.
https://finbold.com/namibias-central-bank-says-bitcoin-can-be-accepted-as-payment/
https://www.bon.com.na/
https://www.google.com/amp/s/cryptonomist.ch/2022/10/07/central-bank-of-namibia-enables-payments-in-bitcoin-and-other-crypto/
https://www.namibian.com.na/211884/archive-read/BoN-will-not-defend-victims-of-crypto-scammers
This occured after the gradual inclusion of "virtual assets (VA) and virtual assets service providers (VASP) under its Fintech Innovations Regulatory Framework through its innovation center".
Although digital currencies like Bitcoin (BTC) are still not legally recognized, the BON had emphasized in a statement released around the end of September that merchants and dealers may accept payment in this form if they are "ready to participate in such an exchange or trade."
This is the statement that was previously made below:
The bank's changing position on cryptocurrencies appears to be a sign that the BON is becoming more accepting of them. The central bank stated in the past:
It did “not recognise, support and recommend the possession, utilisation and trading of cryptocurrencies by members of the public.” The bank also warned Namibians there would be no legal recourse in the event they lost money.
Namibia does not, however, rank among the top African nations in terms of the number of bitcoin users. However, as a result of this action by Namibia's central bank, there is hope that the usage of cryptocurrency would be accepted and made legal there, which will spread the beneficial use of it among other African nations.
https://finbold.com/namibias-central-bank-says-bitcoin-can-be-accepted-as-payment/
https://www.bon.com.na/
https://www.google.com/amp/s/cryptonomist.ch/2022/10/07/central-bank-of-namibia-enables-payments-in-bitcoin-and-other-crypto/
https://www.namibian.com.na/211884/archive-read/BoN-will-not-defend-victims-of-crypto-scammers
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