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Namibian Central Bank Announces Plan to Launch CBDC

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.

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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. 

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He stated:

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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.

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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.

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