The Bank of Namibia Revised Statement on Crypto currencies in May 2018 taking a position that: virtual currencies are not recognized as legal tender; pricing goods or services in cryptocurrencies and accepting cryptocurrency as a form of payment is forbidden under Payment System Management Act 2003; the bank strongly discourages investing or trading in cryptocurrencies because the Bank does not recognize cryptocurrency as a commodity; storing cryptocurrency is discouraged; and no recourse for individuals suffering financial loss or misfortune from their dealings in cryptocurrency is available.


The inaugural African Blockchain Report, published by CV VC in collaboration with Standard Bank, revealed South Africa to be amongst the top fundraisers for new blockchain ventures in Africa in 2021, with US$18.89 million raised to fund five blockchain and cryptocurrency companies. This was still behind Nigeria, which raised $49.6 million for 18 companies, Seychelles ($33.8million for 4 companies) and Kenya at ($20 million for one enterprise) however the status of blockchain in South Africa currently still needs transparency in policies according to Afrika Jantjies a Blockchain, Digital Assets & Fintech Lawyer

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