<div dir="ltr"><div><div><div><div>Very dicey...<br><br></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><br></div>What is Paypal? a Virtual Currency that has a 1:1 mapping with say USD<br><br>What is BitCoin? A Virtual Currency that has a *fluctuating* mapping with other currencies e.g 1:130 with USD.<br><br></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><br></div><div>Its just a Virtual Currency, one of many....<br><br></div><div></div>Regards<br></div><div class="gmail_extra"><br><div class="gmail_quote">On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <span dir="ltr"><<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr"><div>CBK has taken a stand:</div><div><br></div><a href="https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin" target="_blank">https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin</a><div><br></div><div>Extract:</div><div><br></div><div><div><div>++++</div><div><br></div><div>The attention of the Central Bank of Kenya (CBK) has been drawn to media reports</div><div>on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.</div><div>Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by</div><div>any government or central bank. Domestic and international money transfer</div><div>services in Kenya are regulated by the Central Bank of Kenya Act and other</div><div>legislation. In this regard, no entity is currently licensed to offer money remittance</div><div>services and products in Kenya using virtual currency such as Bitcoin.</div><div><br></div><div>This is to inform the public that virtual currencies such as Bitcoin are not legal</div><div>tender in Kenya and therefore no protection exists in the event that the platform that</div><div>exchanges or holds the virtual currency fails or goes out of business. Some of the</div><div>risks associated with buying, holding or trading virtual currencies include the</div><div>following:</div><div> Transactions in virtual currencies such as bitcoin are largely untraceable and</div><div>anonymous making them susceptible to abuse by criminals in money laundering</div><div>and financing of terrorism.</div><div> Virtual currencies are traded in exchange platforms that tend to be unregulated</div><div>all over the world. Consumers may therefore lose their money without having</div><div>any legal redress in the event these exchanges collapse or close business.</div><div> There is no underlying or backing of assets and the value of virtual currencies is</div><div>speculative in nature. This may result in high volatility in value of virtual</div><div>currencies thus exposing users to potential losses.</div><div><br></div><div>CBK reiterates that Bitcoin and similar products are not legal tender nor are they</div><div>regulated in Kenya. The public should therefore desist from transacting in Bitcoin</div><div>and similar products.</div><div>++++</div></div><span class="HOEnZb"><font color="#888888"><div><br clear="all"><div><br></div>-- <br><div>Josiah Mugambi</div>
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