Conclusion in Two Weeks

Henry Rotich.

The Kenyan parliament has given fourteen days to determine whether cryptocurrencies need to be regulated to Treasury Secretary Henry Rotich, Business Daily Africa reported on Wednesday.

The Finance and National Planning Committee questioned Rotich in the country concerning bitcoin’s use. Specifically, the committee asked »why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into the unregulated cryptocurrency space without being licensed to operate and taxed, » the news outlet detailed and quoted the chairman of this committee, Joseph Limo, saying:

We are surprised to hear that even the CBK isn’t aware that there is an ATM in town, a lounge at Kenyatta University, and a resort in Nyeri that trade in bitcoins. There is a problem in Kenya since people are trading billions in space yet the Treasury has not licensed and taxed it for example commerce in M-Pesa and bank transactions.

When to Begin Regulating

Rotich admitted that there’s a lot of interest in cryptocurrency, adding that he’ll look into if there are crypto exchanges operating in the country and best bitcoin casino free play. So far, »I am not aware of individuals operating locally…But I will endeavour to find out whether we have local exchangers, » the book quoted him.

After explaining that any crypto exchanges will be identified by the bank and evaluate their dangers to see whether regulation is needed he asserted:

Cryptocurrencies’ matter is evolving and we could take a positionbitcoin casino with faucet how to use bitcoin at online casino This is a delicate balance between killing it and encouraging innovation.

Parliament’s Concerns about Crypto

Capital Business also reported on Wednesday that »Molo Constituency Member of Parliament Kimani Kuria wants cryptocurrencies such as bitcoins to be regulated due to risks associated with electronic currencies. »

Citing that »cryptocurrency transactions are anonymous, » Kuria claims they »can easily be used by corrupt government officials trying to hide fraudulent money. »

He proceeded to explain, »A man that has billions of cash obtained wrongly needs only to buy several bitcoins that can save value in a system that lacks centralized outsight. Then he could go to another country, recover his money and move on with life. »

In answering a question by the Finance and National Planning Committee, Rotich was »reluctant to respond on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders, » the information outlet described. He elaborated:

Unlike other investment avenues, cryptocurrencies aren’t controlled by any government authorities. Due to limited comprehension of the cryptocurrency, their nature and the influx of companies engaging in it, it’s prone to abuse by terrorists, criminals and extortionists who are currently taking advantage of the space that is unregulated.

What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.

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