Bank of Namibia: Victims of Crypto Scammers Not Supported

Bank of Namibia: Victims of Crypto Scammers Not Supported
  • Crypto Scam victims not supported, warned by BON
  • BON at present does not have the legal power.
  • The scammers are tempting the fatality with false trust.

The individuals trading in crypto, warned by the Bank of Namibia. The bank reported that it will not support crypto scam victims and they will not produce any resource.

Moreover, to follow up on crypto complaints, BON at present does not have the legal power. Also, BON repeated its previous crypto position from 2018.

Accordingly, Kazembire Zemburuka, the spokesperson of BON stated,

“The Central Bank still does not recognize, support, and recommend the possession, utilization, and trading of cryptocurrencies by members of the public”.

Furthermore, the BON warned at a time when many Namibian traders have undergone many crypto scammers. The scammers are tempting the fatality with the false trust of high returns and training opportunities.

Henceforth, the public is falling fatality to the scammers because of the lack of crypto legal.

Kazembire Zemburuka, stated, “The bank in the process of conducting further research cryptocurrencies and will update its position if deemed necessary, once this additional research has been finalized”.

From the crypto trading, mining, or the exchanging of cryptos Namibians should withhold. The aim of the FIA to prevent from participating in money laundering, financing terrorism, and other illegal activities. Henceforth, crypto-related activities are breaking the provisions of the Financial Intelligence Act of 2021.

All of us know crypto is decentralized and any payments not reversible. Therefore, banks don’t have any way to help users getting scams. This is a quite neutral action against crypto. No exchanges or organizations dealing in crypto will have remained uncertain.

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