Join me @ IBOtoolbox for free.
Chuck Reynolds
Member Since: 12/6/2012
  
performance / stats
Country: United States
Likes Received: 1230
Featured Member: 0 times
Associates: 1969
Wall Posts: 1338
Comments Made: 1082
Press Releases: 1311
Videos: 0
Phone: 559-474-4614
Skype:     chuck212
profile visitor stats
TODAY: 121
THIS MONTH: 6702
TOTAL: 260783
are we ibo associates?
recent videos
active associates
Chizoba Nworjih    
Last logged on: 2/21/2018


Terry Fitzgerald    
Last logged on: 2/21/2018


Kahssaye Ambaw    
Last logged on: 2/21/2018


Erika Szanto     
Last logged on: 2/21/2018


ALEKSANDAR STANIC    
Last logged on: 2/21/2018


William Clinkscales    
Last logged on: 2/21/2018


Thomas Clough     
Last logged on: 2/21/2018


Mike Cosma    
Last logged on: 2/21/2018


Al Peters    
Last logged on: 2/21/2018


Gloria S    
Last logged on: 2/21/2018


Patrick Pierre     
Last logged on: 2/21/2018


Chow Keng Sun     
Last logged on: 2/21/2018


George Holmes    
Last logged on: 2/21/2018


Gomer Magtibay     
Last logged on: 2/21/2018


Anthony Steven    
Last logged on: 2/21/2018


other ibo platforms











Chuck Reynolds   My Press Releases

Bitcoin rejected by Bank of Namibia

Published on 9/17/2017
For additional information  Click Here

Bank of Namibia Rejects Bitcoin Exchanges on Basis of 50-Year-Old Law

 

Namibia’s central bank, Bank of Namibia,

has claimed that virtual currency exchanges have no place in the African country, under its decades-old law. The central bank also announced that merchants in the country may not accept cryptocurrencies, like Bitcoin, as payment for goods and services. In its latest position paper as of mid-September 2017, the Bank of Namibia explained that Bitcoin and other digital currencies present only a “minimal” threat to its monetary policymaking role. However, it claimed that the cryptocurrencies are not authorized in the country under the Exchange Control Act of 1966.

Part of the position paper reads:

"In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency. This is because virtual currencies are neither issued nor guaranteed by a central bank nor backed by any commodity."

Other highlights of the central bank’s position paper

The Bank of Namibia mainly cited previous reports by the International Monetary Fund (IMF) and the Financial Action Task Force (FATF) in its position paper. Among the familiar points that it raised, are the possible use of digital currencies on money laundering activities, the perceived shortcomings of a currency without support by a government or a commodity, and the potential benefits of the cryptocurrencies’ underlying distributed ledger technology, or Blockchain technology to the financial system. The central bank reiterated that it cannot endorse any activity involving virtual currencies, despite their ability to facilitate remittances and other consumer payments due to the lack of a

legal premise.

"Virtual currencies cannot be used to pay for goods and services in Namibia. For example, a local shop is not allowed to price or accept virtual currencies in exchange for goods and services. Users of virtual currencies should, therefore, exercise caution when dealing in this type of currencies or when comparing it to e-money.”

Bitcoin taking hold in Africa

In Africa, it is Kenya, Nigeria and South Africa that are the pioneers of cryptocurrency, but as the world of Bitcoin spreads, places like Tanzania are starting to show growth.

Chuck Reynolds


Marketing Dept
Contributor
Please click either Link to Learn more about -Bitcoin.
Interested or have Questions. Call me 559-474-4614

Member Note: To comment on this PR, simply click reply on the owners main post below.
-  Copyright 2016 IBOsocial  -            Part of the IBOtoolbox family of sites.