Fun

Namibian Central Bank Announces Plan to Launch CBDC

News Feed - 2022-04-09 02:04:26

Namibian Central Bank Announces Plan to Launch CBDC


Johannes Gawaxab, the governor of the Bank of Namibia (BON), has said his organization is planning to launch a central bank digital currency (CBDC). The governor, however, warns the launch might have implications for financial stability. BON Researching CBDCs


The BON governor, Johannes Gawaxab, recently confirmed that the central bank is now planning to launch a CBDC. He confirmed the BON has already started researching CBDCs which, according to him, are now a “reality” that cannot be ignored.


In remarks published by Namibia Daily News, Gawaxab hinted that the increased interest in privately issued cryptos may have forced the central bank to act. He said: The number and value of cryptocurrencies have surged, raising the possibility of a financial world operating outside the control of governments and central banks. There is thus a need for central banks to have a clear digital currency agenda to reinforce Central Bank authority over money and maintain control over the payment system.


Namibia’s Digital Agenda


Concerning Namibia’s proposed digital currency agenda, Gawaxab is quoted in the report insisting that such an agenda should only be accepted if it’s a product of consultations between governments, financial institutions, and the general public.


Meanwhile, the BON governor suggested that while the central bank is looking to launch the CBDC, the country’s policymakers should also be aware of the potential impact on financial stability that comes with such a digital currency launch. Tags in this story Bank of Namibia, CBDC, Cryptocurrency, financial stability, Johannes Gawaxab, payment system


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Kenya Central Bank Governor: Low Smartphone Penetration Working Against Plan to Launch CBDC EMERGING MARKETS | Apr 1, 2022 Dubai Café Accepts Cryptocurrency as Payment, Owner Hints at Paying Employee Salaries in Crypto EMERGING MARKETS | Mar 30, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndia’s Digital Currency to Take ‘Very Calibrated, Graduated’ Approach, Says RBI Deputy Governor Next articleSky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Ronin Bridge Exploit Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItUS Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Digital Currency as Surveillance Tool


U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals and competing with the private sector. The senator from Texas warned that not only would this CBDC ... read more.Indian Government Consulting With IMF, World Bank on Crypto Policy Sanctions Motivate Russia to Create Own Crypto Market Infrastructure, Finance Ministry Says Study: 10% Growth in Crypto Market Cap Reduces Value of African Firms by 0.76% India"s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

News Feed

SWIFT Aims to Test Tokenization in 2022, Clearstream, Northern Trust, SETL to Participate
SWIFT Aims to Test Tokenization in 2022, Clearstream, Northern Trust, SETL to Participate SWIFT, the Belgian-based cooperative that serves as an intermediary and settlement executo
Germany Enters Recession as Over 100 Banks Charge Negative Interest Rates
Germany Enters Recession as Over 100 Banks Charge Negative Interest RatesGermany has plunged into a recession with the worst quarterly contraction since the global financial and eco
Jesse Coghlan2 hours agoUS judge deals blow to artists in copyright suit over AI-generated artA judge mostly sided with Midjourney, DeviantArt and Stability AI’s bid to dismiss the artists’ class-action lawsuit that
South African Central Bank Governor Reiterates: ‘Crypto Is Not Currency’
South African Central Bank Governor Reiterates: "Crypto Is Not Currency" The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has reiterated the central bank&#x
Nilam Resources flagged ‘buyer beware’ as shares pump over Bitcoin plans
Felix Ng3 hours agoNilam Resources flagged ‘buyer beware’ as shares pump over Bitcoin plansNilam Resources’ shares gained a blistering 1,700% after announcing it would buy 24,800 Bitcoin. Some say it’s a “marke
Bitcoin Rewards Firm Lolli Raises $10M in Funding Led by Acrew Capital, Social Media Moguls
Bitcoin Rewards Firm Lolli Raises $10M in Funding Led by Acrew Capital, Social Media Moguls The bitcoin rewards platform Lolli has announced the company has clos
AdaLend: The World’s Leading Cardano-Based Lending Protocol
AdaLend: The World’s Leading Cardano-Based Lending Protocol sponsored BSCPad and ADAPad Public Sale On March 14th. Cryptocurrencies and DeFi
Arkansas bills reining in crypto miners head for governor approval
Martin Young1 hour agoArkansas bills reining in crypto miners head for governor approvalArkansas Governor Sarah Huckabee Sanders is expected to sign the bills into law, which will regulate miners’ noise, water use and
Solana (SOL) Reclaims $150: Is The Rally Back On?
Este artículo también está disponible en español. Solana climbed higher above the $140 resistance zone. SOL price is rising and might gain bullish momentum if it clears t
Today’s Microsoft Stock Surge Just Made Bill Gates $230 Million Richer
Economics teachers love to use the “Bill Gates analogy” to explain opportunity cost to glassy-eyed high school students. The Microsoft founder makes so much money every second that it if he saw a $100 bill ly
Polkadot Price Soars 15% In One Day — Here’s Why $7.5 Might Be The Next Target
Este artículo también está disponible en español. The cryptocurrency market saw some of its best days over the past week, with several altcoins enjoying the positive clim
Gold Price Expected to Rally Despite Concerns About Lockdown 2.0
Gold Price Expected to Rally Despite Concerns About Lockdown 2.0 Gold industry players say the inevitable printing of new money by the U.S. will lead to an incre