Decision in 2 Weeks
Treasury Secretary Henry Rotich has been reportedly given two weeks to determine whether cryptocurrencies need to be controlled by the Kenyan parliament, 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 this committee, Joseph Limo, stating:
We’re surprised to hear that the CBK is not aware that there is an ATM in town a lounge at Kenyatta University, and a hotel in Nyeri which trade in bitcoins. Since people are trading billions in virtual space, there is a larger problem in Kenya yet the Treasury hasn’t 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 if there are crypto exchanges operating in the country and best bitcoin casino free play. So far,”I am not aware of people operating locally…But I will endeavour to find out whether we have neighborhood exchangers,” the book quoted him.
He asserted after explaining that the central bank will identify any crypto exchanges and evaluate their risks to see whether regulation is required now or afterwards:
Cryptocurrencies’ matter is evolving and we could take a position as a countrybitcoin casino games in india bitcoin casino deposit hack This is a delicate balance between killing it and supporting innovation.
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 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 explain,”A man that has billions of cash obtained wrongly needs only to purchase several bitcoins which 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 respond 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, no government authorities regulate cryptocurrencies. As a result of 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 the space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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