Bank of Namibia Reiterates its 2018 Position on Crypto Amidst Rising Crypto Scams in the Country

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The Bank of Namibia (Central Bank of Namibia) has reportedly warned the public that it will not entertain complaints from individuals who get defrauded while trading cryptocurrencies.

According to The Namibian, a local daily, the Bank of Namibia (BoN) said that its mandate does not cover digital currencies and thus it cannot regulate and can only sound out a warning.

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SEE ALSO80% of Bitcoin Trade Namibia On/Off-Ramp Volumes Are Now via The Lightning Network as of April 2021

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The cautionary statement comes amidst rising cases of crypto scams in the country.

BoN has reinstated its position on cryptocurrencies which it put out in 2018 saying that it ‘does not recognize, support and recommend the possessing, utilization and trading of cryptocurrencies by…

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