Decision in Two Weeks
Treasury Secretary Henry Rotich has been reportedly given two weeks to determine whether cryptocurrencies will need to be regulated by the 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 individuals to venture to the unregulated cryptocurrency space without being licensed to operate and taxed,” the information outlet detailed and quoted the chairman of the committee, Joseph Limo, saying:
We’re surprised to hear that the CBK is not aware that there’s a hotel in Nyeri that trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. Since people are trading billions in virtual space, a problem is in Kenya yet the Treasury has not licensed and taxed it for example trade in M-Pesa and bank transactions.
When to Begin Regulating
Rotich admitted that there’s a whole lot of interest in cryptocurrency, adding that he’ll look into whether 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 local exchangers,” the book quoted him.
After explaining that any local crypto exchanges will be identified by the central bank and evaluate their dangers to see whether regulation is needed now or later, he asserted:
The matter of cryptocurrencies is evolving and we could take a position as a country777coin casino review 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 trying to conceal fraudulent money.”
He proceeded to explain,”A person who has billions of money 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 proceed with life.”
In answering a question by the Finance and National Planning Committee, Rotich was”reluctant 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 their nature understanding of the cryptocurrency and the influx of businesses engaging in it, it’s prone to abuse by terrorists, criminals and extortionists that are currently taking advantage of their space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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