Kenya’s Treasury Secretary Given Two Week Deadline For Crypto Regulations

The Treasury Secretary of Kenya has just been tasked with the responsibility to conduct a proper investigation on the current states of the country in the whole adoption of the crypto coins. The investigation was initiated because it has been a growing trend in the country without any regulations put in place.

In just a few weeks he is expected to report to the country’s parliament, advising on the best cause of action to be taken, and how they could proceed with the regulation of the crypto coins.

The Decision Needs To Be Made In The Next Two Weeks

Mr. Henry Rotich, the Treasury Secretary of Kenya, has been given two weeks to make a decision on whether the cryptocurrency needs to be regulated, this was reported on Wednesday by Business Daily Africa. The Finance and National Planning committee in the country questioned Rotich on the growing use of Bitcoin within the country.

The committee was mainly concerned on why the treasury and also the CBK, referred to as Central Bank of Kenya, was allowing investors to venture into the unregulated trade of the crypto coins without having proper tax and license taking place.

Joseph Limo, the chairman, went ahead and said they are shocked that CBK is not also aware there is a lounge established at the Kenyatta University, there is an ATM put in place in the CBD and even a hotel in Nyeri which has been trading in Bitcoins. It is clear it will be a big problem in the country as people are trading in billions in the virtual space and yet the treasury of the state has not taken the necessary steps to get all this licensed and even taxed.

When The Regulations Should Start

From the happenings in the country and the growing trend of the cryptocurrency in the country, Rotich admitted that there has been a lot of interest growing in the crypto coin. Thus, he added that he would look into the matter carefully and identify if there any crypto exchanges operating within the country. To the best of his knowledge, he is not aware of any individuals who are operating locally, but he will conduct a thorough investigation into the matter.

The Concerns That Have Risen In Parliament

On Wednesday the Capital Business also reported that Mr. Kimani Kuria, a Molo Constituency a member of Parliament, wants the various crypto coins in the market to be regulated due to the increasing risks that have been associated with the digital currencies.

He further cited that the transaction on the crypto market is anonymous; thus, it can easily be used in corrupting the government when officials are seeking ways to hide their fraudulent cash.

He further added, that if an individual acquired billions of money illegally, all he would need to do is buy several Bitcoins, which he will be able to store the value in a system that lacks the required centralized outsight. From here he could go to another country and recover this money and simply move on with his life; thus the need for proper regulation put in place.

Thus, Rotich has a lot to do in the next two weeks to provide the needed steps that should be taken in the regulation of the crypto coins within the country.