Namibian Bitcoin Trading Platform ‘BTN’ Continues to Thrive Despite Country’s Crypto Ban
In recent years, Namibia has emerged as an unlikely hub for Bitcoin trade activity. For example, recently, Bitcoin Trade Namibia (BTN), has been trying to facilitate seamless crypto transactions for Namibians looking to invest in the burgeoning digital asset market (despite facing a lot of regulatory pressure from the nation’s core financial agency).
BTN Adopts New KYC/AML Policies
Even though crypto trade in Namibia has been banned for all commercial purposes, the Bank of Namibia (BoN) has allowed BTN to remain functional on the strict condition that the trading platform complies with all of the government’s freshly devised KYC/AML guidelines.
In this regard, Tshuutheni Emvula, CEO of BTN, was quoted as saying:
“The idea is to provide a safe and secure on and off ramp for bitcoin for Namibians who have expressed increasing interest … in the cryptocurrency. We are of the opinion that bitcoin, at its fully realized potential, provides the Namibian entrepreneur and consumer the perfect open payment mechanism for a digitally connected world.”
Established in the early part of 2018, BTN has often described itself as being a “non-speculative BTC marketplace” that is designed to help people in the southern region of Africa to seamlessly buy/sell BTC via Namibian dollars.
How Does BTN Work?
To start off with, the potential buyer has to transfer a designated sum of money into BTN’s bank account number. Following this, a corresponding amount of BTC is then transferred to the buyer’s account (to the wallet address of his/her choice). It is also worth mentioning that the exact opposite is true when it comes to selling BTC (on fees of about 2 percent for transactions that do not exceed 150,000 Namibian dollars)
Lastly, each transaction can take anywhere between 3-72 hours with the average price of a single Bitcoin currently pegged at 98,769 Namibian dollars.
More About Namibia’s Crypto Ban
As some of our readers may already know, late last year, the government of Namibia officially banned the use of cryptocurrencies for all commercial purposes. Also, while the nation’s central banking institution (BoN) did not specify the penalties for violating the prohibition, it did warn merchants that “crypto assets should not be used in the exchange of everyday goods and services”.
However, talking about the the guidelines put forth by Namibia’s official financial regulator in relation to cryptocurrency trade and exchange, Emvula was noted as saying:
“The myth that cryptocurrency is banned in Namibia is perpetuated by bad research and FUD. A look at the position papers released by the Bank of Namibia will correctly inform the reader that the bank warns Namibian nationals of the dangers of cryptocurrency due to their non-regulation. Nowhere do they mention that they actively prohibit the trading of cryptocurrencies.”
Even though cryptocurrency trading has become extremely difficult all across Africa, many trading platforms are doing their best to stay within the legal confines of the law so as to help crypto enthusiasts all across the continent get a piece of the ongoing altcoin action.