Kenya will decide soon if it will regulate cryptocurrencies

The Parliament asked the entities entrusted to apply restrictions with virtual currencies in order to avoid corruption in officials

The Kenyan parliament this week asked the Secretary of Treasury, Henry Rotich, to decide in the coming days whether or not it is necessary to create regulations for cryptocurrencies in the nation.

Specifically, the National Planning and Finance Committee asked for clarification on the degree of acceptance that virtual currencies in Kenya would have, which have shown great popularity because they have no regulations.

Joseph Limo, head of the parliamentary committee, asked the Secretary: “Why does the Treasury Department and the Central Bank of Kenya allow people to venture into the unregulated space of cryptocurrencies without first obtaining some type of license or paying taxes?”.

For his part, Roitch said that “the issue with cryptocurrency is evolving and we can take a position as a nation, this is a delicate balance between supporting innovation or killing it.”

Parliamentarian Kimani Kuria stressed that his desire is that cryptocurrencies be regulated so that they can not be used by corrupt officials who seek to hide illegal funds.

K. Tovar

Source: Coincrispy

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