Decision in 2 Weeks
Treasury Secretary Henry Rotich has been reportedly given two weeks to decide whether cryptocurrencies need to be controlled by the Kenyan parliament, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich from the country about bitcoin’s use. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed individuals to venture into the unregulated cryptocurrency area without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of this committee, Joseph Limo, saying:
We’re surprised to hear that even the CBK isn’t aware that there’s an ATM in town a lounge at Kenyatta University, and a hotel in Nyeri which trade in bitcoins. There is a bigger problem in Kenya since people are trading billions in space yet the Treasury hasn’t licensed and taxed it for example commerce in bank and M-Pesa transactions.
When to Start Regulating
Rotich admitted that there is a 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 neighborhood exchangers,” the book quoted him.
After explaining that the bank evaluate their risks to see whether regulation is required now or afterwards and will identify any crypto exchanges, he asserted:
The issue of cryptocurrencies is evolving and we could take a position as a countryBitcoin Casino Reviews: bitcoincasinoreview.info 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 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 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 within the Kenyan borders,” the news outlet described. However, he elaborated:
Unlike other investment avenues, no government authorities regulate cryptocurrencies. Due to limited comprehension of the cryptocurrency their unregulated nature and the influx of businesses engaging in it, it’s prone to abuse by criminals, terrorists 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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