Hi, You can't regulate what you can't track. If I'm not mistaken Bitcoin was built with anonymity in mind to the point that no one knows for sure who came up with it. Hence its use in questionable deals / black market transactions. In light of this CBK have made the only stand they could. Maybe future virtual currencies will have the necessary features to get them comfortable. On 16 Dec 2015 15:29, "Ali Hussein via kictanet" < kictanet@lists.kictanet.or.ke> wrote:
Meshack
You have brought Ina whole new dimension to this discussion.
Your assertions by the way are true. That is however changing very fast with new players surfacing very fast. This is a $580 billion global money movement space with about $50 billion in fees/and or forex spreads. You can now see why bitcoins can upset the apple cart..but that's a discussion for another day.
To Mwendwa's question/comment about bitcoins and Imperial Bank. Not sure this is an apples for apples comparison. Bitcoins are a currency and Imperial Bank issue is mainly one of depositors potentially loosing money because of unscrupulous management and inability of Central Bank to timely regulate.
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On 16 Dec 2015, at 1:58 PM, meshack emakunat <memakunat@yahoo.com> wrote:
Hello All
did you know that migrant Africans are charged a whole 12% or more on remittances back home from developed countries and that these charges are 2wice the global rate. and that 66% of the global (to africa) remittances are from MTOs such as Moneygram and Western union
REGARDS
MESHACK
On Wednesday, December 16, 2015 10:52 AM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Josiah
Umeongea kama wazee kumi! (spoken like 10 wise men!)
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On 15 Dec 2015, at 1:24 PM, Josiah Mugambi via kictanet < kictanet@lists.kictanet.or.ke> wrote:
BitPesa requires proof of identity before use. I found it quite lengthy and a tad tedious while signing up sometimes back. That somewhat takes care of KYC procedures though. I think CBK are obligated to make this position as a caveat emptor. An idea for them might be to use this case with BitPesa as a pilot with the view of coming up with regulations. Especially as cryptocurrencies are not going away any time soon.
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