In 2022, the Central African Republic (CAR) announced its intention to create favorable conditions for the growth of businesses focused on digital currencies and blockchain technologies, and also recognized Bitcoin as an accepted form of payment.
This trend has recently taken another African state as well, as Namibia has approved a bill aimed at regulating crypto companies and thereby lifting the ban on the operation of crypto exchanges which had been in place since 2017.
On July 6, the National Assembly of Namibia passed the Law on Legalization of Cryptocurrency Platforms, and seven days later President Hage Geingob signed it.
The Ministry of Finance is expected to soon announce the date when the document will come into effect.
The primary objectives of this law is to combat money laundering, the financing of terrorism utilizing cryptocurrencies, and also consumer protection.
Despite this advancement, the IMF has reported that many African countries still ban the use of digital currencies which include Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania, and Zimbabwe.
