Will Kenya Regulate Cryptocurrencies? Kenya's Treasury Secretary Has Two Weeks To Decide

Will Kenya Regulate Cryptocurrencies? Kenya's Treasury Secretary Has Two Weeks To Decide

The next couple of weeks will put Kenya through a tough decision making process, one that will in more ways than one determine the future of the country’s economic growth and seal the deal on whether Africa’s 7th most populous Country will partake in the revolution of digital currencies.
The baton was handed to the country’s Treasury Secretary  Secretary Henry Rotich after being questioned by the National Committee of Planning and Finance for failing in his duty along with the Central Bank of Kenya for permitting its citizens to venture into unregenerate Cryptocurrency activities in Kenya without being licensed or taxed.

“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.” – Joseph Limo, Chairman of the committee of planning and finance, Kenya.

The Treasury Secretary revealed that he was indeed aware of the growing interests in cryptocurrency in the country. He further explained that he is not aware of any local exchange partaking in crypto related activities but assured the committee that the Central Bank of Kenya and his team will be at alert to carry out proper evaluation once a defaulter is spotted. Speaking in support on innovation and cryptocurrency, these were his thoughts :

“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.”

Upon realising the wonders of digital currency in other African countries through close evaluation and analysis, there stands a great possibility that Kenya might follow suit and recognize the financial breakthrough that Cryptocurrency presents.
Beginning with Senegal, the future residence of Akoin, the first African-owned cryptocurrency founded by Akon. Not only is the cryptocurrency backed a “real life Wakanda”, the President of Senegal has expressed full support for the project by allocating 2,000 acres of land for the Akoin-project.
While Dash is trying to gain grounds in Africa to become one of the top Cryptocurrencies in Africa, countries like Nigeria and South Africa are already have the luxury of exchanging digital coins using Luno Wallet, despite the fact that both countries are yet to regulate cryptocurrency.