Conclusion in 2 Weeks
The parliament has given Treasury Secretary Henry Rotich two weeks to decide whether cryptocurrencies need to be controlled, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich from the country concerning the use of bitcoin. 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 this committee, Joseph Limo, stating:
We are surprised to hear that the CBK isn’t aware that there is a resort in Nyeri that trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. There is a larger problem in Kenya since people are trading billions in space however the Treasury hasn’t licensed and taxed it like 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’ll look into if there are crypto exchanges operating in the country and best bitcoin casino free play. Thus far,”I’m not aware of people operating locally…But I will endeavour to find out whether we’ve got local exchangers,” the book quoted him.
After explaining that the central bank will identify any crypto exchanges and evaluate their risks to see whether regulation is required now or afterwards, he asserted:
Cryptocurrencies’ matter is evolving and we can take a position as a countrygtbetseu bitcoin casino 1344×689 casino bonus the 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 digital 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 person that has billions of money acquired wrongly needs only to purchase several bitcoins which can store value in a system that lacks centralized outsight. Then he 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 respond 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 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 taking advantage of their space that is unregulated.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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