If Crypto Traders are Scammed, the Bank of Namibia warns that it 'Will Not Entertain Complaints.

Individuals investing in cryptocurrency have been cautioned by the Bank of Namibia (BON) that if they are defrauded, they will not be heard. The institution claims it has the "legal capacity" to investigate such allegations since its mandate does not yet encompass digital currency.

Namibians are becoming increasingly interested in cryptocurrency.


 

This newest BON warning on the dangers of cryptocurrency trading comes as Namibia is experiencing a surge in cases of cryptocurrency investors being scammed out of their money. Scammers are luring their victims with promises of huge profits and training possibilities, according to one research.

 Meanwhile, the central bank's spokeswoman, Kazembire Zemburuka, says that as Namibia's sole issuer of legal money, the BON "does not recognise, support, or advocate the holding, use, or trade of cryptocurrencies by members of the public."

While Namibia, like many other African countries, has taken a stand against cryptocurrencies, its residents are nonetheless interested in investing in them, as Zemburuka admits. As a result of this interest, the BON has issued a danger warning to cryptocurrency traders operating within its jurisdiction. According to Zemburuka: As a result, in the case of financial loss or catastrophe, members of the public who do so will have no recourse to the bank.

The Digital Currency Study by BON

Meanwhile, despite his organization's skepticism of digital currencies, the Bank of Namibia is now "doing more study on cryptocurrencies," according to the BON spokeswoman. The BON will “update its stance if considered necessary,” according to the media source, after this extra research is completed.

 

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