[kictanet] Public Notice by CBK on Virtual Currencies

Wed Dec 16 18:02:01 EAT 2015

But where does Bitcoin derive its value? The USD is backed by the US
government and so long as the US remains competitive and strong so does the
dollar. Same for the Kenya Shilling. Bitcoin is only valuable now because
its rare. Nothing else.

As has been mentioned before the "Anonymous" nature of it means it could
easily be a smart government experimenting. What happens if they decide to
mint some more once it has become mainstream?

Sure the technology may eventually take hold in some form but I doubt it
will be in its current iteration.

On Wed, Dec 16, 2015 at 4:22 PM, meshack emakunat via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> maybe the reason as to why the CBK has somehow distanced itself form
> Bitcoins is probably the nature and structure and model that drives them.
> i.e they are designed to remain almost unregulated. My say is what if the
> solution is not the absolute regulation that is applied to other
> currencies(paper money,? what if the solution is just the relative
> regulation that the currency seeks. by relative i mean if bitcoin can be
> allowed to and accepted as a legal tender and a medium of exchange for "the
> internet economy"
>
>
> REGARDS
>
> MESHACK
>
>
>
> On Wednesday, December 16, 2015 3:28 PM, Ali Hussein <ali at hussein.me.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
> <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 at 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 at 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
> LinkedIn: http://ke.linkedin.com/in/alihkassim
> <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 15 Dec 2015, at 1:24 PM, Josiah Mugambi via kictanet <
> kictanet at 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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>
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> for people and institutions interested and involved in ICT policy and
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> 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.
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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,

Mark Mwangi

markmwangi.me.ke
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