Conclusion in Two Weeks
Henry Rotich.
Treasury Secretary Henry Rotich has been given two weeks to determine whether cryptocurrencies will need to be controlled by the Kenyan 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, saying:
We are surprised to hear that the CBK isn’t aware that there’s a lounge at Kenyatta University, an ATM in town, and a resort in Nyeri which trade in bitcoins. A problem is in Kenya since individuals are investing in billions in space yet the Treasury hasn’t licensed and taxed it for example commerce in bank and M-Pesa transactions.
When to Start Regulating
Rotich admitted that there is a lot of interest in cryptocurrency, adding that he will look into whether 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 local exchangers,” the publication quoted him.
After explaining that the bank will identify any local crypto exchanges and evaluate their risks to see whether regulation is needed he asserted:
Cryptocurrencies’ matter is evolving and we could take a position as a nationfree spins no deposit bitcoin casino bitcoin casino with paysafecard 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 wants cryptocurrencies for example bitcoins to be controlled 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 describe,”A person who has billions of cash obtained wrongly needs only to purchase several bitcoins that can save 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. But 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 is prone to abuse by terrorists, criminals and extortionists who are currently 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.info
