Conclusion in Two Weeks
The Kenyan parliament has reportedly given Treasury Secretary Henry Rotich two weeks to determine whether cryptocurrencies need to be regulated, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich from the country about Using bitcoin. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into the unregulated cryptocurrency area without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the committee, Joseph Limo, stating:
We’re surprised to hear that even the CBK is not aware that there’s an ATM in town a lounge at Kenyatta University, and a resort in Nyeri that trade in bitcoins. A bigger problem is in Kenya since people are investing in billions in virtual space yet the Treasury has not licensed and taxed it like trade in bank and M-Pesa transactions.
When to Start Regulating
Rotich admitted that there’s a lot of interest in cryptocurrency, adding that he’ll look into whether there are crypto exchanges operating in the country and best bitcoin casino free play. Thus far,”I am not aware of people operating locally…But I will endeavour to find out whether we have local exchangers,” the book quoted him.
He asserted after explaining that the central bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is required now or afterwards:
Cryptocurrencies’ issue is evolving and we could take a position as a nationCafé bitcoincasinoreview.net This is a delicate balance between supporting innovation and killing it.
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 controlled because of risks associated with electronic 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 man who has billions of cash obtained wrongly needs only to buy several bitcoins which can store 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”hesitant to react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted over the Kenyan borders,” the information outlet described. However, he elaborated:
Unlike other investment avenues, cryptocurrencies aren’t regulated by any government authorities. Due to limited comprehension of the cryptocurrency their nature and the influx of businesses engaging in it, it’s prone to abuse by terrorists, criminals and extortionists that are currently taking advantage of their unregulated space.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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