Namibia’s Central Bank to Launch a CBDC

The governor of Namibia's central bank, Johannes Gawaxab, has revealed that the country's central bank is intending to introduce a CBDC (central bank digital currency). He stated that the BON has begun examining CBDCs, which he describes as a "fact" that cannot be disregarded.

"The number and value of cryptocurrencies have surged, raising the possibility of a financial world operating outside the control of governments and central banks. There is thus a need for central banks to have a clear digital currency agenda to reinforce Central Bank authority over money and maintain control over the payment system," he added.

In a study concerning Namibia's planned digital currency agenda, Gawaxab insisted that it should only be adopted if it is the result of consultations between governments, financial institutions, and the general people.

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.