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. 

Ali Hussein
Principal
Hussein & Associates
+254 0713 601113 / 0770906375

Twitter: @AliHKassim

Skype: abu-jomo

LinkedIn: http://ke.linkedin.com/in/alihkassim

Blog: www.alyhussein.com

"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought".  ~ Albert Szent-Györgyi

Sent from my iPad

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!)

Ali Hussein
Principal
Hussein & Associates
+254 0713 601113 / 0770906375

Twitter: @AliHKassim
Skype: abu-jomo
Blog: www.alyhussein.com

"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought".  ~ Albert Szent-Györgyi

Sent from my iPad

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.
_______________________________________________
kictanet mailing list
kictanet@lists.kictanet.or.ke
https://lists.kictanet.or.ke/mailman/listinfo/kictanet

Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.com

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.

_______________________________________________
kictanet mailing list
kictanet@lists.kictanet.or.ke
https://lists.kictanet.or.ke/mailman/listinfo/kictanet

Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/memakunat%40yahoo.com

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.


_______________________________________________
kictanet mailing list
kictanet@lists.kictanet.or.ke
https://lists.kictanet.or.ke/mailman/listinfo/kictanet

Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/anderson.levi%40gmail.com

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.