Decision in Two Weeks
The parliament has reportedly given two weeks to determine whether cryptocurrencies will need to be controlled to Treasury Secretary Henry Rotich, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich from the country about bitcoin’s use. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into the unregulated cryptocurrency area without being licensed to operate and taxed,” the information outlet detailed and quoted the chairman of the committee, Joseph Limo, saying:
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 resort in Nyeri which trade in bitcoins. There’s a problem in Kenya since people are investing in billions in virtual space yet the Treasury hasn’t licensed and taxed it for example commerce in bank and M-Pesa transactions.
When to Begin Regulating
Rotich admitted that there is 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 individuals operating locally…But I will endeavour to find out whether we have neighborhood exchangers,” the book quoted him.
After explaining that the central bank will identify any crypto exchanges and evaluate their dangers to see whether regulation is required he asserted:
Cryptocurrencies’ matter is evolving and we can take a positionmBit bitcoin casino 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 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 seeking to hide fraudulent money.”
He proceeded to describe,”A man who has billions of cash obtained wrongly needs only to purchase several bitcoins that can store value in a system that lacks centralized outsight. He then could go to another country, recover his money and proceed 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 news outlet described. However, he elaborated:
Unlike other investment avenues, cryptocurrencies aren’t regulated by any government authorities. As a result of their unregulated nature, limited comprehension of the cryptocurrency and the influx of companies engaging in it, it’s prone to abuse by criminals, terrorists and extortionists who are taking advantage of the space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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