As of today, it’s no longer news that the trading of cryptocurrencies has been banned in Namibia. The country in the Southern part of Africa had warned local shops in 2017, not to receive cryptocurrency as a method of payment. Nevertheless, Bitcoin Trade Namibia (BTN) is an exchange in the country where traders can still buy and sell Bitcoin.
Traders on Bitcoin Trade Namibia Undergo KYC Procedures
What exempts this marketplace is the fact that it mandates its customer to undergo the Know Your Customer (KYC) procedures. As a result, this meets the requirements of the Central Bank of the country. The Bank of Namibia (BON) also requires that its anti-money laundering law be adopted by a company and this exchange has met its standards.
BTN was founded early this year, and its mode of operation differs significantly from other exchanges. For starters, a user of the platform cannot buy a virtual currency directly using fiat money. Instead, customers have to transfer money to an account owned by BTN. Their crypto funds are then sent to their online wallet at a later time.
Additionally, BTN transactions in comparison with other global exchanges take a longer time. This means that it could take as long as three days and even more before a transaction is completed. That notwithstanding, it has not discouraged crypto enthusiasts in the country from investing.
BTN, a Safe Crypto Market For Namibians
Tshuutheni Emvula, the CEO of BTN expressed that the company’s aim is to provide a safe marketplace for Namibians to trade. Therefore, its platform was achieving this aim because it is secure for Bitcoin trading. He also added that at the highest potential of Bitcoin, it can provide its customers within the country the best payment methods.
Shedding more light on BTN’s method of operation, the CEO said that Bitcoins were not stored on its platform for their customers. In the same vein, traders are unable to transact with each other. Rather, the platform caters for each separately by providing a buy and sell service.
The CEO also noted;
Given that we do not store investor funds, other major vectors of attack would come in the form of risky traders and we ensure to review each of our trades in the relevant manner as directed by our compliance policy and Namibian law.
In the past, the BON held that Bitcoin posed a certain level of threat to its policymaking role. The risks associated with this digital asset were outlined especially when it did not have the support of a government. But then, they did not fail to outline that records stored on Blockchain could help the financial sector benefit greatly.