The Bank of Namibia (BON) has issued a warning for those who trade crypto following an increased number of people reporting losing money to crypto scammers. The scammers are promising high returns and even training opportunities to convince people.
Kazembire Zemburuka, the spokesperson for BON, declared the bank “does not recognize, support and recommend the possession, utilization, and trading of cryptocurrencies by members of the public.”
Namibia has taken a negative stance against crypto, but this hasn’t stopped people from investing in it. This is why Zemburuka declared: “Thus, members of the public who do so will have no recourse to the bank in the event of financial loss or misfortune.”
Still, Zemburuka declared that the BON was “in the process of conducting further research on cryptocurrencies.” If the research finds reasons for things to change, they will change, it was also mentioned. Until then, though, crypto exchanges that were established or operational in Namibia remain “illegal,” according to the Currency and Exchanges Act of 1933.