Conclusion in 2 Weeks
Henry Rotich.
Treasury Secretary Henry Rotich has been given fourteen days to determine whether cryptocurrencies will need to be controlled by the Kenyan parliament, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich about bitcoin’s use in the country. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people 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 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. There is a problem in Kenya since individuals are investing in billions in space however the Treasury has not licensed and taxed it like trade in M-Pesa and bank transactions.
When to Start Regulating
Rotich admitted that there’s a 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. So far,”I am not aware of individuals operating locally…But I will endeavour to discover whether we’ve got neighborhood exchangers,” the publication quoted him.
He asserted after explaining that the bank will identify any local crypto exchanges and evaluate their dangers to see whether regulation is required now or afterwards:
Cryptocurrencies’ matter is evolving and we can take a positionbitcoin casino with high payout chance min bitcoin casino deposit 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 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 trying to hide fraudulent money.”
He proceeded to describe,”A man that has billions of cash 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”hesitant to react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted within the Kenyan borders,” the information outlet described. However, he elaborated:
Unlike other investment avenues, no government authorities regulate cryptocurrencies. Due to limited comprehension of the cryptocurrency, their nature and the influx of companies engaging in it, it’s prone to abuse by criminals, terrorists and extortionists who are taking advantage of their space that is unregulated.
What do you think Kenya will do about cryptocurrencies? Tell us in the comments section below.
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Source: bitcoincasinoreview.net
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