<html><head><meta http-equiv="Content-Type" content="text/html charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Mark<div class=""><br class=""></div><div class="">That argument would be great in a perfect world…A world where Mpesa would have been killed because the banks were threatened and CBK then had no clue how to regulate this newfangled way of transferring value.</div><div class=""><br class=""></div><div class="">The issue is two pronged:-</div><div class=""><br class=""></div><div class="">1. Start-ups and companies in the IT sector need to get a lot more savvy with regulation.</div><div class="">2. Regulators need to be less reactionary and embrace new ideas while safeguarding our interests. </div><div class=""><br class=""></div><div class="">Granted. Its not an easy thing. The answer is not to kill the startup because you don’t understand it. Its to help them navigate the regulatory pitfalls. </div><div class=""><br class=""></div><div class="">I hope the new team coming on board and a new idea being discussed by stakeholders called Enterprise Kenya will look into such issues. </div><div class=""><br class=""><div apple-content-edited="true" class="">
<div style="color: rgb(0, 0, 0); letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class=""><div style="color: rgb(0, 0, 0); letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Thanks & Regards<br class=""><br class="">Ali Hussein<br class=""><a href="mailto:ali@hussein.me.ke" class="">ali@hussein.me.ke</a><br class=""><br class="">+254 713 601113<br class="">Twitter: @AliHKassim</div><div style="color: rgb(0, 0, 0); letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">Skype: Abu-Jomo</div><div style="color: rgb(0, 0, 0); letter-spacing: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" class="">LinkedIn: http//<a href="http://ke.linkedin.com/in/alihkassim" class="">ke.linkedin.com/in/alihkassim</a><br class="">Blog: <a href="http://www.alyhussein.com" class="">www.alyhussein.com</a><br class=""></div></div>
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<br class=""><div><blockquote type="cite" class=""><div class="">On Dec 15, 2015, at 12:37 PM, Mark Mwangi <<a href="mailto:mwangy@gmail.com" class="">mwangy@gmail.com</a>> wrote:</div><br class="Apple-interchange-newline"><div class=""><div dir="ltr" class="">Arent we being abit presumptuous? The CBK is acting in our interest. If BitPesa was to close shop today how would you hold them accountable? Who regulates them? Do they have a financial license?</div><div class="gmail_extra"><br class=""><div class="gmail_quote">On Tue, Dec 15, 2015 at 11:49 AM, Ali Hussein via kictanet <span dir="ltr" class=""><<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank" class="">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br class=""><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div style="word-wrap:break-word" class="">Waithaka<div class=""><br class=""></div><div class="">I concur with you. 150%</div><div class=""><br class=""></div><div class="">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.</div><div class=""><br class=""></div><div class="">This is a fight the CBK will NEVER win. That you can take to the Bank. (Pun intended).</div><div class=""><br class=""></div><div class=""><div class="">
<div style="letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; word-wrap: break-word;" class=""><div style="letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; word-wrap: break-word;" class="">Thanks & Regards<br class=""><br class="">Ali Hussein<br class=""><a href="mailto:ali@hussein.me.ke" target="_blank" class="">ali@hussein.me.ke</a><br class=""><br class=""><a href="tel:%2B254%20713%20601113" value="+254713601113" target="_blank" class="">+254 713 601113</a><br class="">Twitter: @AliHKassim</div><div style="letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; word-wrap: break-word;" class="">Skype: Abu-Jomo</div><div style="letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; word-wrap: break-word;" class="">LinkedIn: http//<a href="http://ke.linkedin.com/in/alihkassim" target="_blank" class="">ke.linkedin.com/in/alihkassim</a><br class="">Blog: <a href="http://www.alyhussein.com/" target="_blank" class="">www.alyhussein.com</a><br class=""></div></div>
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<br class=""><div class=""><blockquote type="cite" class=""><div class=""><div class="h5"><div class="">On Dec 15, 2015, at 11:07 AM, Ngigi Waithaka via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank" class="">kictanet@lists.kictanet.or.ke</a>> wrote:</div><br class=""></div></div><div class=""><div class=""><div class="h5"><div dir="ltr" class=""><div class=""><div class=""><div class=""><div class="">Very dicey...<br class=""><br class=""></div>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.<br class=""><br class=""></div>What is Paypal? a Virtual Currency that has a 1:1 mapping with say USD<br class=""><br class="">What is BitCoin? A Virtual Currency that has a *fluctuating* mapping with other currencies e.g 1:130 with USD.<br class=""><br class=""></div>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?<br class=""><br class=""></div><div class="">Its just a Virtual Currency, one of many....<br class=""><br class=""></div><div class=""></div>Regards<br class=""></div><div class="gmail_extra"><br class=""><div class="gmail_quote">On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <span dir="ltr" class=""><<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank" class="">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br class=""><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr" class=""><div class="">CBK has taken a stand:</div><div class=""><br class=""></div><a href="https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin" target="_blank" class="">https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin</a><div class=""><br class=""></div><div class="">Extract:</div><div class=""><br class=""></div><div class=""><div class=""><div class="">++++</div><div class=""><br class=""></div><div class="">The attention of the Central Bank of Kenya (CBK) has been drawn to media reports</div><div class="">on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.</div><div class="">Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by</div><div class="">any government or central bank. Domestic and international money transfer</div><div class="">services in Kenya are regulated by the Central Bank of Kenya Act and other</div><div class="">legislation. In this regard, no entity is currently licensed to offer money remittance</div><div class="">services and products in Kenya using virtual currency such as Bitcoin.</div><div class=""><br class=""></div><div class="">This is to inform the public that virtual currencies such as Bitcoin are not legal</div><div class="">tender in Kenya and therefore no protection exists in the event that the platform that</div><div class="">exchanges or holds the virtual currency fails or goes out of business. Some of the</div><div class="">risks associated with buying, holding or trading virtual currencies include the</div><div class="">following:</div><div class=""> Transactions in virtual currencies such as bitcoin are largely untraceable and</div><div class="">anonymous making them susceptible to abuse by criminals in money laundering</div><div class="">and financing of terrorism.</div><div class=""> Virtual currencies are traded in exchange platforms that tend to be unregulated</div><div class="">all over the world. Consumers may therefore lose their money without having</div><div class="">any legal redress in the event these exchanges collapse or close business.</div><div class=""> There is no underlying or backing of assets and the value of virtual currencies is</div><div class="">speculative in nature. This may result in high volatility in value of virtual</div><div class="">currencies thus exposing users to potential losses.</div><div class=""><br class=""></div><div class="">CBK reiterates that Bitcoin and similar products are not legal tender nor are they</div><div class="">regulated in Kenya. The public should therefore desist from transacting in Bitcoin</div><div class="">and similar products.</div><div class="">++++</div></div><span class=""><font color="#888888" class=""><div class=""><br clear="all" class=""><div class=""><br class=""></div>-- <br class=""><div class="">Josiah Mugambi</div>
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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.<br class="">
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