Citizens of various African nations have embraced bitcoin and other cryptocurrencies, despite constant warnings from the government. Now, Kenya’s House of Parliament has mandated the nation’s treasury secretary, Henry Rotich, to draft regulations that would either legalize digital assets or ban them entirely in Kenya
It is noteworthy that while Kenyan authorities are still pondering on the path to follow regarding virtual currency regulation, their Ugandan neighbors have taken several steps up the crypto ladder, making the region a hotbed for bitcoin-based businesses. On July 1, 2018, BTCManager reported that the world’s largest cryptocurrency exchange by 24-hour trading volume, Binance, had announced the impending launch of a crypto-fiat exchange in the east African nation.
The Chairman of the committee, Joseph Limo, was quoted
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.