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Decision in Two Weeks

Henry Rotich.

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

National Planning Committee and the Finance questioned Rotich about Using bitcoin from the country. 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, saying:

We are surprised to hear that the CBK isn’t aware that there is a resort in Nyeri which trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. A bigger problem is in Kenya since individuals are investing in billions in space however the Treasury hasn’t licensed and taxed it for example trade 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 will look into whether there are crypto exchanges operating in the country and best bitcoin casino free play. So far,”I am not aware of individuals operating locally…But I will endeavour to find out whether we’ve got neighborhood 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 needed now or later, he asserted:

Cryptocurrencies’ matter is evolving and we can take a position as a country888 casino – cuemanchrome848 dice bitcoin casino review 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 needs cryptocurrencies such as bitcoins to be controlled 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 that has billions of money acquired wrongly needs only to buy several bitcoins which 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”reluctant to respond on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,” the news outlet described. But he elaborated:

Unlike other investment avenues, cryptocurrencies are not controlled by any government authorities. As a result of their unregulated nature, limited understanding of the cryptocurrency and the influx of companies engaging in it, it is prone to abuse by terrorists, criminals and extortionists that are currently taking advantage of their unregulated space.

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

Images courtesy of Shutterstock and Wikipedia.

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Source: bitcoincasinoreview.info

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