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Namibia’s Central Bank said cryptocurrency exchanges are not allowed under the nation’s law. According to this same law, cryptocurrency cannot be accepted as payment for goods and services, the nation’s central bank has said.

Based on a statement released by the government to The Namibian on this subject:

It should be noted that there is a difference between a virtual currency and electronic money, even though they are both presented in digital form. The main difference between the two is that electronic money is the digital form of a country’s legal tender backed and issued by a central authority, while virtual currencies are not backed by any legal tender currency or central authority.

Read more at CoinDesk and The Namibian.