Conclusion in 2 Weeks
The Kenyan parliament has given two weeks to decide whether cryptocurrencies will need to be regulated to Treasury Secretary Henry Rotich, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich from the country about bitcoin’s use. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed individuals to venture to the unregulated cryptocurrency space without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the 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 which trade in bitcoins. Since people are investing in billions in virtual space, a larger problem is in Kenya yet the Treasury has not licensed and taxed it like trade in M-Pesa and bank transactions.
When to Begin Regulating
Rotich admitted that there is a whole lot of interest in cryptocurrency, adding that he will look into if there are crypto exchanges operating in the country and best bitcoin casino free play. So far,”I’m not aware of individuals operating locally…But I will endeavour to find out whether we’ve got local exchangers,” the publication quoted him.
After explaining that any local crypto exchanges will be identified by the bank and evaluate their risks to see whether regulation is required now or later, he asserted:
Cryptocurrencies’ matter is evolving and we could take a position as a nationcheap bitcoin casino software best casino for bitcoin 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 because of risks associated with digital currencies.”
Citing that”cryptocurrency transactions are anonymous,” Kuria claims they”can easily be used by corrupt government officials trying to conceal fraudulent money.”
He proceeded to describe,”A person that has billions of money acquired wrongly needs only to buy several bitcoins that can store value in a system that lacks centralized outsight. He then could go to another country, recover his money and proceed with life.”
In answering a question by the Finance and National Planning Committee, Rotich was”reluctant to react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted over the Kenyan borders,” the information outlet described. He elaborated:
Unlike other investment avenues, cryptocurrencies are not regulated by any government authorities. As a result of their nature, limited understanding of the cryptocurrency and the influx of companies engaging in it, it is prone to abuse by terrorists, criminals and extortionists that are currently taking advantage of the unregulated space.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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