According to CCN, the Ministry of Finance and National Planning is asking the Treasury how cryptocurrency trading is been handled in Kenya and why the Central Bank allowed uncontrolled currency trading within the country without any regulations or capital gains tax. Joseph Limo, the Committee chairman, explained the situation. ?We are surprised to hear that even the CBK is not aware that there is a lounge at Kenyatta University, an ATM in town, and a hotel in Nyeri which trade in bitcoins. There is a bigger problem in Kenya since people are trading billions in virtual space yet the Treasury has not licensed and taxed it like trade in M-Pesa and bank transactions? On Tuesday, Treasury Secretary Henry Rotich, criticized the volatility of cryptocurrencies mentioning Bitcoin price drop that shows that cryptocurrencies cannot be accepted as a legal payment system in the country. Mr. Rotich stated that any new developed technology as well as cryptocurrency is seen from the point of view of legal aspects due to high potential of laundering and has to re regulated. ?I don’t know if people have their own local ATMs but I will do my best to find it out. The issue of cryptocurrencies is evolving and we can take a position as a country. This is a delicate balance between supporting innovation and killing it?, — he says. Recently India went through the similar process and officially made it illegal to use cryptocurrencies as a payment method. |
