Namibian central bank: the law provides for the purchase of Bitcoin illegal


nnnPost Comment: Namibia’s central bank quoted a number of international institutions on the virtual currency research, and elaborated the provisions of the current domestic law, pointed out that the domestic does not support virtual currency transactions and consumer payments. And from the nature of the currency, the virtual currency is not the legal currency, the bank will not support. And local businesses can not provide relevant payment support, should be involved in virtual currency activities to be vigilant.n
nnTranslation: Annie_Xun
nThe Namibian central bank states that domestic laws do not allow the operation of encrypted currency exchanges, and African countries may not accept their services for payment of services and commodities.n
nIn the nine-page submissions, the Bank of Namibia said Bitcoin and its derivative currency had a “lowest” threat to central bank monetary policy decisions.n
nThe document also refers to the well-known anti-money laundering threat theory of encrypted money, and there is no such flaw in the currency without government or commodity support. It also mentions the possibility that the financial system gains benefits through its underlying distributed book technology.n
nThe paper cited the previous study by the International Monetary Fund and the Financial Action Task Force, a global anti-money laundering agency. Other interpretations of the relevant domestic law are further elaborated.n
nn”Such as the Namibia Foreign Exchange Control Act of 1966 (Exchange Control Act of 1966) against the establishment of virtual currency exchanges or similar institutions in the country.”n
nnn”In addition to the bank does not recognize the virtual currency in Namibia’s legal currency status, it is not recognized as a foreign currency that can be exchanged with local currency, because the virtual currency is neither central bank or some commodity, nor is it issued by the central bank.”n
nnAlthough the report acknowledges that the encrypted currency can be exchanged for legal money for foreign exchange and other consumer payments, it is alleged that “the bank can not support Namibia in the event of a lack of legal prerequisites.”n
nObviously, even shopping with Bitcoin is forbidden.n
nn”In Namibia, virtual currency can not be used to pay for goods or services, for example, local stores can not use virtual currency for goods and services to price and pay, so virtual currency users in dealing with such currency or compare it to electronic money The electronic form of the French currency) should be careful when “.n

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