Decision in 2 Weeks
Henry Rotich.
Treasury Secretary Henry Rotich has been given fourteen days to decide whether cryptocurrencies need to be regulated by the parliament, Business Daily Africa reported on Wednesday.
National Planning Committee and the Finance questioned Rotich in the country about Using bitcoin. Specifically, the committee asked”why the Treasury and the Central Bank of Kenya (CBK) allowed individuals 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 is a lounge at Kenyatta University, an ATM in town. Since people are trading billions in space, there is a problem in Kenya however the Treasury hasn’t licensed and taxed it for example trade in bank and M-Pesa transactions.
When to Begin 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 people operating locally…But I will endeavour to find out whether we’ve got local exchangers,” the book quoted him.
After explaining that the bank evaluate their risks to see whether regulation is required now or later and will identify any local crypto exchanges, he asserted:
Cryptocurrencies’ matter is evolving and we can take a positionbetchain site 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 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 trying to conceal fraudulent money.”
He proceeded to describe,”A man who 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 over the Kenyan borders,” the news outlet described. However, he elaborated:
Unlike other investment avenues, no government authorities regulate cryptocurrencies. As a result of limited understanding of the cryptocurrency, their unregulated nature and the influx of companies engaging in it, it’s prone to abuse by terrorists, criminals and extortionists that are taking advantage of the space.
What do you think Kenya will do about cryptocurrencies? Let us know in the comments section below.
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Source: bitcoincasinoreview.info
