Decision in 2 Weeks

Henry Rotich.

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

The Finance and National Planning Committee questioned Rotich concerning the use of bitcoin in 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, saying:

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

When to Start Regulating

Rotich admitted that there is 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. So far,”I’m not aware of people operating locally…But I will endeavour to find out whether we’ve got local exchangers,” the publication quoted him.

After explaining that the bank evaluate their dangers to see whether regulation is needed now or afterwards and will identify any local crypto exchanges, he asserted:

Cryptocurrencies’ matter is evolving and we could take a position as a countrya href=””>zigzag777 app 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 for example 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 person who has billions of money obtained wrongly needs only to buy several bitcoins which can save 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 within the Kenyan borders,” the news outlet described. However, he elaborated:

Unlike other investment avenues, no government authorities regulate cryptocurrencies. Due to limited understanding of the cryptocurrency their nature and businesses engaging in its influx, it’s prone to abuse by terrorists, criminals and extortionists who are currently taking advantage of their space.

What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.

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