Conclusion in 2 Weeks
Treasury Secretary Henry Rotich has been given two weeks to determine whether cryptocurrencies will need to be regulated by the Kenyan parliament, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich concerning bitcoin’s use in the country. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture to the unregulated cryptocurrency area without being licensed to operate and taxed,” the information outlet detailed and quoted the chairman of the committee, Joseph Limo, stating:
We’re surprised to hear that even the CBK is not aware that there’s a lounge at Kenyatta University, an ATM in town. Since people are investing in billions in virtual space, a larger problem is in Kenya yet the Treasury hasn’t licensed and taxed it like trade in M-Pesa and bank transactions.
When to Begin Regulating
Rotich admitted that there is a whole lot of interest in cryptocurrency, adding that he will look into if there are crypto exchanges operating in the country and best bitcoin casino free play. Thus far,”I am not aware of individuals operating locally…But I will endeavour to find out whether we’ve got neighborhood exchangers,” the publication quoted him.
After explaining that the central bank evaluate their risks to see whether regulation is needed now or afterwards and will identify any local crypto exchanges, he asserted:
Cryptocurrencies’ issue is evolving and we could take a positionGet up to 1 Bitcoin Free on ZigZag777 Casino bonus code 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 needs cryptocurrencies such as bitcoins to be controlled because of 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 explain,”A man that has billions of cash acquired wrongly needs only to buy several bitcoins that can store 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 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. Due to limited understanding of the cryptocurrency their unregulated nature and companies engaging in its influx, it is prone to abuse by criminals, terrorists and extortionists who are taking advantage of their space.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
Pictures courtesy of Shutterstock and Wikipedia.
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