mayo 3, 2017 | Posted in:Blog

Conclusion in Two Weeks

Henry Rotich.

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

The Finance and National Planning Committee questioned Rotich about the use of bitcoin from the country. Specifically, the committee asked»why the Treasury and the Central Bank of Kenya (CBK) allowed individuals to venture to the unregulated cryptocurrency area without being licensed to operate and taxed,» the news outlet detailed and quoted the chairman of this committee, Joseph Limo, stating:

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

When to Start Regulating

Rotich admitted that there’s 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’ve got local exchangers,» the book quoted him.

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

The matter of cryptocurrencies is evolving and we can take a positionis bitcoin accepted in the casino bitcoin casino no deposit bonus 2017 This is a delicate balance between encouraging 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 for example bitcoins to be regulated due to risks associated with digital currencies.»

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

He proceeded to describe,»A person that has billions of cash 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»hesitant 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, no government authorities regulate cryptocurrencies. As a result of limited comprehension of the cryptocurrency their nature and companies engaging in its influx, it is prone to abuse by terrorists, criminals and extortionists that are 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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