<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="">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? <div class=""><br class=""><div><blockquote type="cite" class=""><div class="">On 15 Dec 2015, at 12:00, <a href="mailto:kictanet-request@lists.kictanet.or.ke" class="">kictanet-request@lists.kictanet.or.ke</a> wrote:</div><br class="Apple-interchange-newline"><div class=""><div class="">Send kictanet mailing list submissions to<br class=""><span class="Apple-tab-span" style="white-space:pre"> </span><a href="mailto:kictanet@lists.kictanet.or.ke" class="">kictanet@lists.kictanet.or.ke</a><br class=""><br class="">To subscribe or unsubscribe via the World Wide Web, visit<br class=""><span class="Apple-tab-span" style="white-space:pre"> </span>https://lists.kictanet.or.ke/mailman/listinfo/kictanet<br class="">or, via email, send a message with subject or body 'help' to<br class=""><span class="Apple-tab-span" style="white-space:pre"> </span>kictanet-request@lists.kictanet.or.ke<br class=""><br class="">You can reach the person managing the list at<br class=""><span class="Apple-tab-span" style="white-space:pre"> </span>kictanet-owner@lists.kictanet.or.ke<br class=""><br class="">When replying, please edit your Subject line so it is more specific<br class="">than "Re: Contents of kictanet digest..."<br class=""><br class=""><br class="">Today's Topics:<br class=""><br class=""> 1. Re: Public Notice by CBK on Virtual Currencies (Ali Hussein)<br class=""><br class=""><br class="">----------------------------------------------------------------------<br class=""><br class="">Message: 1<br class="">Date: Tue, 15 Dec 2015 11:49:30 +0300<br class="">From: Ali Hussein <ali@hussein.me.ke><br class="">To: KICTAnet ICT Policy Discussions <kictanet@lists.kictanet.or.ke><br class="">Subject: Re: [kictanet] Public Notice by CBK on Virtual Currencies<br class="">Message-ID: <7B111466-78AE-4677-9A0B-B165AEFED676@hussein.me.ke><br class="">Content-Type: text/plain; charset="utf-8"<br class=""><br class="">Waithaka<br class=""><br class="">I concur with you. 150%<br class=""><br 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.<br class=""><br class="">This is a fight the CBK will NEVER win. That you can take to the Bank. (Pun intended).<br class=""><br class="">Thanks & Regards<br class=""><br class="">Ali Hussein<br class="">ali@hussein.me.ke<br class=""><br class="">+254 713 601113<br class="">Twitter: @AliHKassim<br class="">Skype: Abu-Jomo<br class="">LinkedIn: http//ke.linkedin.com/in/alihkassim<br class="">Blog: www.alyhussein.com<br class=""><br class=""><blockquote type="cite" class="">On Dec 15, 2015, at 11:07 AM, Ngigi Waithaka via kictanet <kictanet@lists.kictanet.or.ke> wrote:<br class=""><br class="">Very dicey...<br class=""><br class="">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="">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="">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="">Its just a Virtual Currency, one of many....<br class=""><br class="">Regards<br class=""><br class="">On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke>> wrote:<br class="">CBK has taken a stand:<br class=""><br class="">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><br class=""><br class="">Extract:<br class=""><br class="">++++<br class=""><br class="">The attention of the Central Bank of Kenya (CBK) has been drawn to media reports<br class="">on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.<br class="">Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by<br class="">any government or central bank. Domestic and international money transfer<br class="">services in Kenya are regulated by the Central Bank of Kenya Act and other<br class="">legislation. In this regard, no entity is currently licensed to offer money remittance<br class="">services and products in Kenya using virtual currency such as Bitcoin.<br class=""><br class="">This is to inform the public that virtual currencies such as Bitcoin are not legal<br class="">tender in Kenya and therefore no protection exists in the event that the platform that<br class="">exchanges or holds the virtual currency fails or goes out of business. Some of the<br class="">risks associated with buying, holding or trading virtual currencies include the<br class="">following:<br class="">? Transactions in virtual currencies such as bitcoin are largely untraceable and<br class="">anonymous making them susceptible to abuse by criminals in money laundering<br class="">and financing of terrorism.<br class="">? Virtual currencies are traded in exchange platforms that tend to be unregulated<br class="">all over the world. Consumers may therefore lose their money without having<br class="">any legal redress in the event these exchanges collapse or close business.<br class="">? There is no underlying or backing of assets and the value of virtual currencies is<br class="">speculative in nature. This may result in high volatility in value of virtual<br class="">currencies thus exposing users to potential losses.<br class=""><br class="">CBK reiterates that Bitcoin and similar products are not legal tender nor are they<br class="">regulated in Kenya. The public should therefore desist from transacting in Bitcoin<br class="">and similar products.<br class="">++++<br class=""><br class=""><br class="">-- <br class="">Josiah Mugambi<br class=""><br class="">_______________________________________________<br class="">kictanet mailing list<br class="">kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke><br class="">https://lists.kictanet.or.ke/mailman/listinfo/kictanet <https://lists.kictanet.or.ke/mailman/listinfo/kictanet><br class=""><br class="">Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/ngigi%40at.co.ke <https://lists.kictanet.or.ke/mailman/options/kictanet/ngigi%40at.co.ke><br class=""><br class="">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=""><br class="">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.<br class=""><br class=""><br class=""><br class="">-- <br class="">Regards,<br class=""><br class="">Waithaka Ngigi<br class="">Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building<br class="">T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000<br class=""> <><br class="">www.at.co.ke <http://www.at.co.ke/><br class="">_______________________________________________<br class="">kictanet mailing list<br class="">kictanet@lists.kictanet.or.ke<br class="">https://lists.kictanet.or.ke/mailman/listinfo/kictanet<br class=""><br class="">Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.com<br class=""><br class="">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=""><br class="">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.<br class=""></blockquote><br class="">-------------- next part --------------<br class="">An HTML attachment was scrubbed...<br class="">URL: <https://lists.kictanet.or.ke/pipermail/kictanet/attachments/20151215/dddf9c97/attachment-0001.html><br class=""><br class="">------------------------------<br class=""><br class="">Subject: Digest Footer<br class=""><br class="">_______________________________________________<br class="">kictanet mailing list<br class="">kictanet@lists.kictanet.or.ke<br class="">https://lists.kictanet.or.ke/mailman/listinfo/kictanet<br class=""><br class=""><br class="">------------------------------<br class=""><br class="">End of kictanet Digest, Vol 103, Issue 87<br class="">*****************************************<br class=""></div></div></blockquote></div><br class=""><div class="">
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