Conclusion in 2 Weeks
The Kenyan 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 about the use of bitcoin. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture to the unregulated cryptocurrency area without being licensed to operate and taxed,” the information outlet detailed and quoted the chairman of this committee, Joseph Limo, stating:
We’re surprised to hear that the CBK is not aware that there’s a lounge at Kenyatta University, an ATM in town. Since people are investing in billions in space, There’s a bigger problem in Kenya yet the Treasury hasn’t licensed and taxed it like trade in bank and M-Pesa transactions.
When to Begin Regulating
Rotich admitted that there is 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 individuals operating locally…But I will endeavour to discover whether we have neighborhood exchangers,” the publication quoted him.
After explaining that the central bank will identify any crypto exchanges and evaluate their risks to see whether regulation is needed he asserted:
The issue of cryptocurrencies is evolving and we can take a positionbitcoin casino us no deposit bonus best bitcoin casino deposit bonuses This is a delicate balance between killing it and supporting innovation.
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 regulated because of risks associated with electronic 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 that has billions of money obtained wrongly needs only to buy several bitcoins that can save 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”hesitant to react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,” the information outlet described. But he elaborated:
Unlike other investment avenues, cryptocurrencies aren’t regulated by any government authorities. As a result of limited understanding of the cryptocurrency their nature and businesses engaging in its influx, it is prone to abuse by terrorists, criminals and extortionists who are currently taking advantage of the space that is unregulated.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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