Conclusion in 2 Weeks
The Kenyan parliament has reportedly given Treasury Secretary Henry Rotich two weeks to determine whether cryptocurrencies will need to be controlled, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich in the country concerning bitcoin’s use. Specifically, the committee asked»why the Treasury and the Central Bank of Kenya (CBK) allowed individuals 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 is not aware that there is an ATM in town a lounge at Kenyatta University, and a hotel in Nyeri which trade in bitcoins. There’s a bigger problem in Kenya since individuals are trading billions in virtual space yet the Treasury has not licensed and taxed it for example trade in bank and M-Pesa transactions.
When to Start Regulating
Rotich admitted that there’s a 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’m not aware of people operating locally…But I will endeavour to find out whether we have local exchangers,» the book quoted him.
He asserted after explaining that the central bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is required now or later:
Cryptocurrencies’ issue is evolving and we can take a positionBITCOIN LOTTERY app This is a delicate balance between supporting innovation and killing it.
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 controlled due to risks associated with electronic currencies.»
Citing that»cryptocurrency transactions are anonymous,» Kuria claims they»can easily be used by corrupt government officials seeking to hide fraudulent money.»
He proceeded to describe,»A man who has billions of cash acquired wrongly needs only to buy several bitcoins which 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 react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,» the information outlet described. He elaborated:
Unlike other investment avenues, no government authorities regulate cryptocurrencies. As a result of limited understanding of the cryptocurrency their unregulated nature and businesses engaging in its influx, it is prone to abuse by criminals, terrorists and extortionists who are currently taking advantage of the space that is unregulated.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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