Conclusion in Two Weeks
Henry Rotich.
Treasury Secretary Henry Rotich has been given fourteen days to determine whether cryptocurrencies will need to be regulated by the parliament, Business Daily Africa reported on Wednesday.
The Finance and National Planning Committee questioned Rotich in the country about the use of bitcoin. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed people to venture into 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 even the CBK is not aware that there’s a hotel in Nyeri that trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. Since individuals are investing in billions in virtual space, a larger problem is in Kenya however the Treasury hasn’t licensed and taxed it like commerce in M-Pesa and bank transactions.
When to Start Regulating
Rotich admitted that there is a lot of interest in cryptocurrency, adding that he’ll look into whether there are crypto exchanges operating in the country and best bitcoin casino free play. So far,”I’m not aware of people operating locally…But I will endeavour to find out whether we’ve got local 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 needed now or later:
The matter of cryptocurrencies is evolving and we could take a positionHow does OneHash bonus 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 needs cryptocurrencies for example 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 that 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 proceed with life.”
In answering a question by the Finance and National Planning Committee, Rotich was”reluctant to react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted over the Kenyan borders,” the information outlet described. He elaborated:
Unlike other investment avenues, cryptocurrencies are not regulated by any government authorities. Due to limited comprehension of the cryptocurrency their unregulated nature and businesses engaging in its influx, it’s prone to abuse by criminals, terrorists and extortionists who are 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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Source: bitcoincasinoreview.net
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