[kictanet] Public Notice by CBK on Virtual Currencies

Tue Dec 15 13:59:56 EAT 2015

Gideon,

Here's a list of various countries and their regulations regarding
Cryptocurencies, of which Bitcoin is one.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

As you can see it ranges from full bans to general acceptability with
countries taxing Bitcoin Transactions, Bitcoin ATMs etc

Rgds

On Tue, Dec 15, 2015 at 1:21 PM, Gideon via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

>
> 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 <
>> 
>> nanjira at ihub.co.ke>
>> To: kictanet at lists.kictanet.or.ke
>> Subject: Re: [kictanet] kictanet Digest, Vol 103, Issue 87
>> Message-ID: <D9B9E527-1FD7-4EB0-9C6D-55CFE4CF2B1C at ihub.co.ke>
>> 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, kictanet-request at lists.kictanet.or.ke wrote:
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>> > Today's Topics:
>> >
>> >   1. Re: Public Notice by CBK on Virtual Currencies (Ali Hussein)
>> >
>> >
>> > ----------------------------------------------------------------------
>> >
>> > Message: 1
>> > Date: Tue, 15 Dec 2015 11:49:30 +0300
>> > From: Ali Hussein <ali at hussein.me.ke>
>> > To: KICTAnet ICT Policy Discussions <kictanet at lists.kictanet.or.ke>
>> > Subject: Re: [kictanet] Public Notice by CBK on Virtual Currencies
>> > Message-ID: <7B111466-78AE-4677-9A0B-B165AEFED676 at hussein.me.ke>
>> > 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
>> > ali at hussein.me.ke
>> >
>> > +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 <
>> kictanet at lists.kictanet.or.ke> 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 <
>> kictanet at lists.kictanet.or.ke <mailto:kictanet at lists.kictanet.or.ke>>
>> wrote:
>> >> CBK has taken a stand:
>> >>
>> >>
>> https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin
>> <
>> https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin
>> >
>> >>
>> >> Extract:
>> >>
>> >> ++++
>> >>
>> >> The attention of the Central Bank of Kenya (CBK) has been drawn to
>> media reports
>> >> 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
>> transfer
>> >> 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
>> 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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>> >>
>> >> --
>> >> Regards,
>> >>
>> >> Waithaka Ngigi
>> >> Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod
>> Building
>> >> T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811
>> 000
>> >> <>
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>> platform for people and institutions interested and involved in ICT policy
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>> sector in support of the national aim of ICT enabled growth and development.
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>> Nanjira Sambuli
>> Research Manager
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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.
>

-- 
*Regards,*

*Wait**haka Ngigi*
Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building
T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000
www.at.co.ke
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