Conclusion in 2 Weeks
Treasury Secretary Henry Rotich has been given fourteen days to decide whether cryptocurrencies will need to be regulated by the parliament, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich concerning Using bitcoin from the country. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into the unregulated cryptocurrency space without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the committee, Joseph Limo, saying:
We are surprised to hear that even the CBK is not aware that there is a resort in Nyeri that trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. A problem is in Kenya since people are investing in billions in virtual space however the Treasury has not licensed and taxed it for example commerce in M-Pesa and bank transactions.
When to Start Regulating
Rotich admitted that there’s a whole 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 am not aware of people operating locally…But I will endeavour to discover whether we’ve got neighborhood exchangers,” the book quoted him.
He asserted after explaining that the central bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is required now or afterwards:
Cryptocurrencies’ issue is evolving and we could take a position as a countryTrusted bitcoincasino casino This is a delicate balance between killing it and encouraging innovation.
Parliament’s Concerns about Crypto
Capital Business also reported on Wednesday that”Molo Constituency Member of Parliament Kimani Kuria needs cryptocurrencies such as bitcoins to be controlled due to 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 man who has billions of money obtained wrongly needs only to purchase several bitcoins which 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”reluctant 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, no government authorities regulate cryptocurrencies. Due to their unregulated nature, limited comprehension of the cryptocurrency and the influx of companies engaging in it, it’s prone to abuse by terrorists, criminals and extortionists who are currently taking advantage of the space.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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