Conclusion in 2 Weeks
Treasury Secretary Henry Rotich has been reportedly given fourteen days to decide whether cryptocurrencies need to be regulated by the parliament, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich in the country about bitcoin’s use. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed individuals to venture into the unregulated cryptocurrency space without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the committee, Joseph Limo, stating:
We’re surprised to hear that even the CBK isn’t aware that there’s a hotel in Nyeri which trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. Since individuals are trading billions in space, There’s a problem in Kenya however the Treasury hasn’t licensed and taxed it for example commerce in M-Pesa and bank transactions.
When to Begin Regulating
Rotich admitted that there’s a whole 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 am not aware of people operating locally…But I will endeavour to discover whether we’ve got neighborhood exchangers,” the book quoted him.
After explaining that the central bank evaluate their risks to see whether regulation is required now or afterwards and will identify any local crypto exchanges, he asserted:
Cryptocurrencies’ matter is evolving and we could take a position7Bit Casino review 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 seeking to conceal fraudulent money.”
He proceeded to explain,”A person who has billions of money acquired wrongly needs only to buy several bitcoins that can save value in a system that lacks centralized outsight. Then he could go to another country, recover his money and move on 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 information outlet described. But he elaborated:
Unlike other investment avenues, cryptocurrencies are not controlled by any government authorities. Due to limited understanding of the cryptocurrency their unregulated nature and the influx of businesses engaging in it, it is prone to abuse by criminals, terrorists and extortionists who are currently taking advantage of the unregulated space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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