[kictanet] Public Notice by CBK on Virtual Currencies

[Ali Hussein]

Waithaka, Ahmed

What you have articulated is at the crux of the matter. CONTROL.

To Barrack’s question:-

1) If you were the Governor CBK or CS Finance? How would you handle
Bitcoins? (with limited knowledge on technology matters?)


That is, I believe a critical component of Policy and how the government of
the day chooses who is appointed to what docket. But to answer your
question in a straight forward way:-

If I were the Governor or CS Finance I’d first take the steps to ensure
public interest is preserved. I would then call in the proponents of this
particular case and try and find a way for them to work together as we
extend our policies and regulations to encompass cryptocurrencies. The fact
that we ignore them doesn’t mean they don’t exist. I certainly don’t want
to be the proverbial Ostrich sticking its head in the sand and wishing away
all its problems.

But then, this is just hypothesis right? :-)

My humble advise to Regulators the world over:-

Don’t be like the Ostrich. :-)

Oh, and I would have expected the Central Bank to have asked the court to
enjoin them in the Lipisha/Bitpesa vs Safaricom case as Amicus Curiae. Just
so that they can also learn.

*Ali Hussein*

*Principal*

*Hussein & Associates*



Tel: +254 713 601113

Twitter: @AliHKassim

Skype: abu-jomo

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

Blog: www.alyhussein.com


Any information of a personal nature expressed in this email are purely
mine and do not necessarily reflect the official positions of the
organizations that I work with.
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