Conclusion in Two Weeks
Treasury Secretary Henry Rotich has been given fourteen days to decide whether cryptocurrencies need to be controlled by the Kenyan parliament, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich in the country about the use of bitcoin. 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 this committee, Joseph Limo, stating:
We are surprised to hear that the CBK isn’t aware that there is an ATM in town a lounge at Kenyatta University, and a resort in Nyeri which trade in bitcoins. Since people are investing in billions in virtual space, there is a bigger problem in Kenya however the Treasury hasn’t licensed and taxed it for example trade in bank and M-Pesa 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 people operating locally…But I will endeavour to find out whether we’ve got local exchangers,” the publication quoted him.
He asserted after explaining that the bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is needed now or later:
Cryptocurrencies’ matter is evolving and we can take a positionBitcoin Lottery site 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 wants 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 trying to conceal fraudulent money.”
He proceeded to explain,”A man that has billions of money acquired wrongly needs only to purchase several bitcoins that can save value in a system that lacks centralized outsight. He then 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 within the Kenyan borders,” the news outlet described. But he elaborated:
Unlike other investment avenues, no government authorities regulate cryptocurrencies. As a result of limited understanding of the cryptocurrency their nature and the influx of businesses engaging in it, 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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