Decision in Two Weeks
The parliament has given two weeks to determine whether cryptocurrencies need to be controlled to Treasury Secretary Henry Rotich, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich concerning Using bitcoin from the country. 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 news outlet detailed and quoted the chairman of this committee, Joseph Limo, stating:
We are surprised to hear that even the CBK is not aware that there’s a resort in Nyeri which trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. A problem is in Kenya since individuals are investing in billions in space however the Treasury hasn’t licensed and taxed it like commerce in M-Pesa and bank transactions.
When to Begin Regulating
Rotich admitted that there’s 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. Thus far,"I’m not aware of people operating locally…But I will endeavour to discover whether we have local exchangers," the publication 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 afterwards, he asserted:
Cryptocurrencies’ issue is evolving and we can take a positionCryptogames content all crypto talk sign Cryptogames sign up This is a delicate balance between encouraging 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 explain,"A person who has billions of cash obtained wrongly needs only to buy several bitcoins which can save 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"reluctant to respond 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, cryptocurrencies are not regulated by any government authorities. As a result of their unregulated nature understanding of the cryptocurrency and the influx of businesses engaging in it, it is prone to abuse by terrorists, criminals and extortionists that are currently taking advantage of their unregulated space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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