How many countries have chartered a path for this type of currency? May be most have adopted a wait and see stance on this one. Also it would be good to see if any institution or business in Kenya accepts Bitcoin as payment for goods/services.
Message: 1 Date: Tue, 15 Dec 2015 12:32:29 +0300 From: Nanjira Sambuli < [email protected]> To: [email protected] Subject: Re: [kictanet] kictanet Digest, Vol 103, Issue 87 Message-ID: <[email protected]> Content-Type: text/plain; charset="utf-8"
Though CBK hasn?t said virtual currency is illegal; said it?s not legal tender, and essentially that they can?t be expected to step in. Maybe not a bad thing?
On 15 Dec 2015, at 12:00, [email protected] wrote:
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Today's Topics:
1. Re: Public Notice by CBK on Virtual Currencies (Ali Hussein)
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Message: 1 Date: Tue, 15 Dec 2015 11:49:30 +0300 From: Ali Hussein <[email protected]> To: KICTAnet ICT Policy Discussions <[email protected]> Subject: Re: [kictanet] Public Notice by CBK on Virtual Currencies Message-ID: <[email protected]> Content-Type: text/plain; charset="utf-8"
Waithaka
I concur with you. 150%
Regulators the world over need to get on with the Program. Virtual Currencies are here to stay. Instead of fighting them and driving them underground find a way to work with the new dispensation.
This is a fight the CBK will NEVER win. That you can take to the Bank. (Pun intended).
Thanks & Regards
Ali Hussein [email protected]
+254 713 601113 Twitter: @AliHKassim Skype: Abu-Jomo LinkedIn: http//ke.linkedin.com/in/alihkassim Blog: www.alyhussein.com
On Dec 15, 2015, at 11:07 AM, Ngigi Waithaka via kictanet < [email protected]> wrote:
Very dicey...
Let's see... What is MPesa? It's a Virtual Currency that has a 1:1 Mapping with the Kenya Shilling. That's why when I send you MPesa, you don't receive a legal tender, but you know you can convert it to KES at a rate of 1:1 minus the small charges.
What is Paypal? a Virtual Currency that has a 1:1 mapping with say USD
What is BitCoin? A Virtual Currency that has a *fluctuating* mapping with other currencies e.g 1:130 with USD.
If I take the risk that BitCoin might fluctuate, a risk we also take when we get paid in USD / Euros etc when in Kenya, why should it be illegal?
Its just a Virtual Currency, one of many....
Regards
On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet < [email protected] <mailto:[email protected]>> wrote: CBK has taken a stand:
https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencie... < https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencie...
Extract:
++++
The attention of the Central Bank of Kenya (CBK) has been drawn to
on the use, holding and trading of virtual currencies such as Bitcoin in Kenya. Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by any government or central bank. Domestic and international money
services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as Bitcoin.
This is to inform the public that virtual currencies such as Bitcoin are not legal tender in Kenya and therefore no protection exists in the event that
media reports transfer the platform that
exchanges or holds the virtual currency fails or goes out of business. Some of the risks associated with buying, holding or trading virtual currencies include the following: ? Transactions in virtual currencies such as bitcoin are largely untraceable and anonymous making them susceptible to abuse by criminals in money laundering and financing of terrorism. ? Virtual currencies are traded in exchange platforms that tend to be unregulated all over the world. Consumers may therefore lose their money without having any legal redress in the event these exchanges collapse or close business. ? There is no underlying or backing of assets and the value of virtual currencies is speculative in nature. This may result in high volatility in value of virtual currencies thus exposing users to potential losses.
CBK reiterates that Bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should therefore desist from transacting in Bitcoin and similar products. ++++
-- Josiah Mugambi
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.