Conclusion in Two Weeks
The parliament has given fourteen days to decide whether cryptocurrencies need to be regulated to Treasury Secretary Henry Rotich, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich from the country about Using 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 this committee, Joseph Limo, saying:
We are surprised to hear that even the CBK isn’t aware that there is a lounge at Kenyatta University, an ATM in town. Since individuals are investing in billions in space, There’s a larger problem in Kenya however the Treasury hasn’t 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 will look into if there are crypto exchanges operating in the country and best bitcoin casino free play. Thus 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 will identify any crypto exchanges and evaluate their risks to see whether regulation is needed now or later, he asserted:
Cryptocurrencies’ matter is evolving and we could take a position as a countrybitcoin casino us bonus codes bitcoin casino live dealers 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 needs cryptocurrencies for example bitcoins to be controlled because of risks associated with electronic 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 cash acquired wrongly needs only to buy several bitcoins that can store value in a system that lacks centralized outsight. He then 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, no government authorities regulate cryptocurrencies. As a result of their unregulated nature understanding of the cryptocurrency and the influx of businesses engaging in it, it’s prone to abuse by criminals, terrorists and extortionists that are taking advantage of the unregulated space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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