Conclusion in Two Weeks
The Kenyan parliament has given Treasury Secretary Henry Rotich two weeks to decide whether cryptocurrencies need to be regulated, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich from the country about bitcoin’s use. 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 information outlet detailed and quoted the chairman of this committee, Joseph Limo, stating:
We are surprised to hear that the CBK is not aware that there’s a hotel in Nyeri which trade in bitcoins, an ATM in town, and a lounge at Kenyatta University. Since individuals are trading billions in space, There’s a larger problem 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 if 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 have neighborhood exchangers,” the book quoted him.
He asserted after explaining that the central bank will identify any crypto exchanges and evaluate their dangers to see whether regulation is needed now or afterwards:
The matter of cryptocurrencies is evolving and we could take a position as a nationbest us bitcoin online casino bitcoin deposit ignition casino 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 due to 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 describe,”A man who has billions of money acquired 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 react on the government’s capacity to monitor and regulate cryptocurrency transactions conducted over the Kenyan borders,” the news outlet described. He elaborated:
Unlike other investment avenues, cryptocurrencies are not controlled by any government authorities. As a result of limited comprehension of the cryptocurrency, their unregulated 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? Let us know in the comments section below.
Pictures courtesy of Shutterstock and Wikipedia.
Have to calculate your bitcoin holdings? Check our tools department.