Namibian Central Bank Announces Plan to Launch CBDC

- Advertisement -

Namibian Central Bank Announces Plan to Launch CBDC – The governor of the Bank of Namibia (BON), Johannes Gawaxab, has stated that his organization intends to create a central bank digital currency (CBDC). The governor, on the other hand, cautions that the launch could jeopardize financial stability.

Johannes Gawaxab, the governor of the BON, has revealed that the central bank is going to introduce a CBDC. He stated that the BON has begun examining CBDCs, which he describes as a “fact” that cannot be disregarded.

Gawaxab implied in comments reported by Namibia Daily News that rising interest in privately created cryptos may have compelled the central bank to act. 

- Advertisement -

Also Read: Spanish Securities Watchdog Calls for Search Engines, Social Network Operators to Stop Promoting Unregistered Investment Platforms

He stated:

The number and value of cryptocurrencies have risen dramatically, presenting the prospect of a financial world free of government and central bank control.

To strengthen Central Bank authority over money and keep control over the payment system, central banks must have a clear digital currency objective.

Gawaxab is described in the study as saying that Namibia’s planned digital currency agenda should only be adopted if it is the result of consultations between financial institutions, governments, and the general people.

Also Read: Ukrainian Charity Organization Launches NFT Sale

Meanwhile, the BON governor stated that while the central bank is considering launching the CBDC, authorities in the country should be conscious of the potential impact on financial stability that such a launch would have.

Don't miss

Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program

Bank of Spain to Launch Experimental Wholesale CBDC Digital...

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant Accounts

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant...

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners...

Trevor Noah Bids Farewell to ‘The Daily Show’ in Emotional Final Episode Sign-Off

Trevor Noah Bids Farewell to 'The Daily Show' in...

‘Top Gun: Maverick’ Named Best Film of 2022 by National Board of Review

'Top Gun: Maverick' Named Best Film of 2022 by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here