Conclusion in 2 Weeks

Henry Rotich.

The Kenyan parliament has reportedly given Treasury Secretary Henry Rotich fourteen days to determine whether cryptocurrencies will need to be regulated, Business Daily Africa reported on Wednesday.

National Planning Committee and the Finance questioned Rotich in the country concerning 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 area without being licensed to operate and taxed,” the news outlet detailed and quoted the chairman of the committee, Joseph Limo, stating:

We’re surprised to hear that the CBK isn’t aware that there’s an ATM in town a lounge at Kenyatta University, and a hotel in Nyeri which trade in bitcoins. A larger problem is in Kenya since people are trading billions in virtual space however the Treasury hasn’t licensed and taxed it like commerce in bank and M-Pesa transactions.

When to Begin Regulating

Rotich admitted that there’s a lot of interest in cryptocurrency, adding that he will 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 discover whether we have local exchangers,” the book quoted him.

After explaining that the central bank evaluate their risks to see whether regulation is needed now or later and will identify any crypto exchanges, he asserted:

Cryptocurrencies’ matter is evolving and we could take a position as a nationonline casino accept vanilla gift card with bitcoin best bitcoin casino reddit 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 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 cash 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, no government authorities regulate cryptocurrencies. As a result of limited comprehension of the cryptocurrency their nature and the influx of companies engaging in it, it is prone to abuse by criminals, terrorists 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.

Pictures courtesy of Shutterstock and Wikipedia.

Need to compute your bitcoin holdings? Check our tools department.

Source: bitcoincasinoreview.net