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{{The Kenyan|The} parliament {has {reportedly |}|has }given Treasury Secretary Henry Rotich {two weeks|fourteen days} to {decide|determine} whether cryptocurrencies {need|will need} to be {regulated|controlled}|{The Kenyan|The} parliament {has {reportedly |}|has }given {two weeks|fourteen days} to {decide|determine} whether cryptocurrencies {need|will need} to be {regulated|controlled} to Treasury Secretary Henry Rotich|Treasury Secretary Henry Rotich has been {{reportedly |}given|given} {two weeks|fourteen days} to {decide|determine} whether cryptocurrencies {need|will need} to be {regulated|controlled} by {the Kenyan|the} parliament}, Business Daily Africa reported on Wednesday.

{The Finance and National Planning Committee|National Planning Committee and the Finance} questioned Rotich {{about|concerning} {the use of|Using} {bitcoin {in|from} the country|bitcoin}|{in|from} the country {about|concerning} {the use of|Using} bitcoin|{in|from} the country {about|concerning} bitcoin’s use|{about|concerning} bitcoin’s use {in|from} the country}. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed {people|individuals} to venture {into|to} the unregulated cryptocurrency {space|area} without being licensed to operate and taxed,” the {news|information} outlet detailed and quoted the chairman of {the|this} committee, Joseph Limo, {saying|stating}:

{We are|We’re} surprised to hear {that {even |}|that }the CBK {is not|isn’t} aware that {there is|there’s} {a lounge at Kenyatta University, an ATM in {town, and a {hotel|resort} in Nyeri {which|that} trade in bitcoins|town}|an ATM in town, a lounge at Kenyatta University, and a {hotel|resort} in Nyeri {which|that} trade in bitcoins|a {hotel|resort} in Nyeri {which|that} trade in bitcoins, an ATM in town, and a lounge at Kenyatta University|an ATM in town a lounge at Kenyatta University, and a {hotel|resort} in Nyeri {which|that} trade in bitcoins}. {{There is|There’s} {a {bigger|larger}|a} problem in Kenya since {people|individuals} are {trading|investing in} billions {in virtual|in} space|{A {bigger|larger}|A} problem is in Kenya since {people|individuals} are {trading|investing in} billions {in virtual|in} space|Since {people|individuals} are {trading|investing in} billions {in virtual|in} space, {there is|There’s} {a {bigger|larger}|a} problem in Kenya|Since {people|individuals} are {trading|investing in} billions {in virtual|in} space, {a {bigger|larger}|a} problem is in Kenya} {yet|however} the Treasury {has not|hasn’t} licensed and taxed it {like|for example} {trade|commerce} in {M-Pesa and bank|bank and M-Pesa} transactions.

When to {Start|Begin} Regulating

Rotich admitted that {there is|there’s} a {lot|whole lot} of interest in cryptocurrency, adding that {he will|he’ll} look into {whether|if} there are crypto exchanges operating in the country and best bitcoin casino {free |}play. {So|Thus} far,”{I am|I’m} not aware of {people|individuals} operating locally…But I will endeavour to {find out|discover} whether {we have|we’ve got} {local|neighborhood} exchangers,” the {publication|book} quoted him.

{After explaining that {the central|the} bank will identify {any local|any} crypto exchanges and evaluate their {risks|dangers} to see whether regulation is {{needed|required} now or {later|afterwards},|{needed|required}} he asserted|He asserted after explaining that {the central|the} bank will identify {any local|any} crypto exchanges and evaluate their {risks|dangers} to see whether regulation is {needed|required} now or {later|afterwards}|After explaining that {the central|the} bank evaluate their {risks|dangers} to see whether regulation is {needed|required} now or {later|afterwards} and will identify {any local|any} crypto exchanges, he asserted|After explaining that {any local|any} crypto exchanges will be identified by {the central|the} bank and evaluate their {risks|dangers} to see whether regulation is {{needed|required} now or {later|afterwards},|{needed|required}} he asserted}:

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This is a delicate balance between {{supporting|encouraging} innovation and killing it|killing it and {supporting|encouraging} innovation}.

Parliament’s Concerns about Crypto

Capital Business also reported {on |}Wednesday that”Molo Constituency Member of Parliament Kimani Kuria {wants|needs} cryptocurrencies {such as|for example} bitcoins to be {regulated|controlled} {due to|because of} risks associated with {digital|electronic} currencies.”

Citing that”cryptocurrency transactions are anonymous,” Kuria claims they”can easily be used by corrupt government officials {seeking|trying} to {hide|conceal} fraudulent money.”

He proceeded to {describe|explain},”A {person|man} {who|that} has billions of {money|cash} {acquired|obtained} wrongly needs only to {buy|purchase} several bitcoins {which|that} can {store|save} value in a system that lacks centralized outsight. {He then|Then he} could go to another country, recover his money and {move on|proceed} with life.”

In answering a question by the Finance and National Planning Committee, Rotich was”{hesitant|reluctant} to {respond|react} on the government’s capacity to monitor and regulate cryptocurrency transactions conducted {within|over} the Kenyan borders,” the {news|information} outlet described. {{However,|But} he|He} elaborated:

Unlike other investment avenues, {cryptocurrencies {are not|aren’t} {regulated|controlled} by any government authorities|no government authorities regulate cryptocurrencies}. {Due to|As a result of} {{their unregulated|their} {nature, limited|nature} {understanding|comprehension} of the cryptocurrency and the influx of {companies|businesses} engaging in it|limited {understanding|comprehension} of the cryptocurrency {their unregulated|their} nature and {companies|businesses} engaging in its influx|limited {understanding|comprehension} of the cryptocurrency, {their unregulated|their} nature and the influx of {companies|businesses} engaging in it|limited {understanding|comprehension} of the cryptocurrency {their unregulated|their} nature and the influx of {companies|businesses} engaging in it}, {it is|it’s} prone to abuse by {criminals, terrorists|terrorists, criminals} and extortionists {who|that} are {taking|currently taking} advantage of {the|their} {unregulated space|space that is unregulated|space}.

What do you think Kenya will do about cryptocurrencies? {Let us know|Tell us} in the comments section below.

{Images|Pictures} courtesy of Shutterstock and Wikipedia.

{Need|Have} to {calculate|compute} your bitcoin holdings? Check our tools {section|department}.

Source: {bitcoincasinoreview.info|bitcoincasinoreview.net}

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