abril 28, 2017 | Posted in:Blog

Conclusion in Two Weeks

Henry Rotich.

Treasury Secretary Henry Rotich has been given two weeks to decide whether cryptocurrencies will need to be controlled by the parliament, Business Daily Africa reported on Wednesday.

The Finance and National Planning Committee questioned Rotich concerning bitcoin’s use in the country. 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 information outlet detailed and quoted the chairman of the committee, Joseph Limo, saying:

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

When to Begin Regulating

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

After explaining that any crypto exchanges will be identified by the bank and evaluate their risks to see whether regulation is required now or afterwards, he asserted:

The issue of cryptocurrencies is evolving and we can take a positionbitcoin casino no minimum deposit bitcoin online casino usa 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 needs 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 seeking to conceal fraudulent money.»

He proceeded to describe,»A man that has billions of money obtained wrongly needs only to purchase 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 respond on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,» the news outlet described. But he elaborated:

Unlike other investment avenues, cryptocurrencies aren’t regulated by any government authorities. Due to their unregulated nature, limited understanding of the cryptocurrency and the influx of companies engaging in it, it’s prone to abuse by terrorists, criminals and extortionists who 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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Source: bitcoincasinoreview.net

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