<div dir="ltr"><div><div><div><div><div><div><div>Gideon,<br><br></div>Imagine if we had waited to see Mpesa become a reality elsewhere before we could get started.<br><br></div><div>Imagine if the Swiss had waited for regulation 300 years ago before they started allowing anyone to open a numbered account (against the then accepted business practice) which had no link to owner, would they have been a banking giant today?<br></div><div><br></div>There was a time GoK was running around clamping down on anyone using the Internet to make International calls; reason? It couldn't regulate it.<br><br></div>There was a time you had to send registered documents on a postal address. I just saw about a month a go, Posta is starting registered emails.<br><br></div><div>I can bet that 10 years from now, there will those who will be saying there was a time that you had to pay for everything in traditional currencies when Bitcoin maybe is 60% of all the transactions.<br></div><br>If you look at the history of technology, innovation always gets ahead of regulation. <br><br></div>We kickstarted mobile money payments on a large scale and I think we ought to think this BitCoin through and see what we could benefit from it. Maybe the future MasterCards & Visa's in Bitcoin would come from .KE. <br><br>Maybe the next 'Swiss' in Banking would be in .KE.<br><br></div>The horse has already left the stable and all we are trying to do is close the stable.<br><br></div><div>Let's look for the horse and tame it.<br></div><div><br></div>Rgds<br></div><div class="gmail_extra"><br><div class="gmail_quote">On Tue, Dec 15, 2015 at 1:21 PM, Gideon 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 class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:#000000"><br></div><div class="gmail_extra"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">How many countries have chartered a path for this type of currency? <br><br></div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">May be most have adopted a wait and see stance on this one. <br><br></div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)">Also it would be good to see if any institution or business in Kenya accepts Bitcoin as payment for goods/services.<br></div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0)"><br></div><div class="gmail_quote"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<br>
Message: 1<br>
Date: Tue, 15 Dec 2015 12:32:29 +0300<br>
From: Nanjira Sambuli <<a href="mailto:nanjira@ihub.co.ke" target="_blank"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;font-size:small;color:rgb(0,0,0);display:inline"></div>nanjira@ihub.co.ke</a>><br>
To: <a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a><br>
Subject: Re: [kictanet] kictanet Digest, Vol 103, Issue 87<br>
Message-ID: <<a href="mailto:D9B9E527-1FD7-4EB0-9C6D-55CFE4CF2B1C@ihub.co.ke" target="_blank">D9B9E527-1FD7-4EB0-9C6D-55CFE4CF2B1C@ihub.co.ke</a>><br>
Content-Type: text/plain; charset="utf-8"<br>
<br>
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?<br>
<br>
> On 15 Dec 2015, at 12:00, <a href="mailto:kictanet-request@lists.kictanet.or.ke" target="_blank">kictanet-request@lists.kictanet.or.ke</a> wrote:<br>
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> 1. Re: Public Notice by CBK on Virtual Currencies (Ali Hussein)<br>
><br>
><br>
> ----------------------------------------------------------------------<br>
><br>
> Message: 1<br>
> Date: Tue, 15 Dec 2015 11:49:30 +0300<br>
> From: Ali Hussein <<a href="mailto:ali@hussein.me.ke" target="_blank">ali@hussein.me.ke</a>><br>
> To: KICTAnet ICT Policy Discussions <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>><br>
> Subject: Re: [kictanet] Public Notice by CBK on Virtual Currencies<br>
> Message-ID: <<a href="mailto:7B111466-78AE-4677-9A0B-B165AEFED676@hussein.me.ke" target="_blank">7B111466-78AE-4677-9A0B-B165AEFED676@hussein.me.ke</a>><br>
> Content-Type: text/plain; charset="utf-8"<span class=""><br>
><br>
> Waithaka<br>
><br>
> I concur with you. 150%<br>
><br>
> 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>
><br>
> This is a fight the CBK will NEVER win. That you can take to the Bank. (Pun intended).<br>
><br>
> Thanks & Regards<br>
><br>
> Ali Hussein<br>
> <a href="mailto:ali@hussein.me.ke" target="_blank">ali@hussein.me.ke</a><br>
><br>
> <a href="tel:%2B254%20713%20601113" value="+254713601113" target="_blank">+254 713 601113</a><br>
> Twitter: @AliHKassim<br>
> Skype: Abu-Jomo<br>
> LinkedIn: http//<a href="http://ke.linkedin.com/in/alihkassim" rel="noreferrer" target="_blank">ke.linkedin.com/in/alihkassim</a><br>
> Blog: <a href="http://www.alyhussein.com" rel="noreferrer" target="_blank">www.alyhussein.com</a><br>
><br>
>> On Dec 15, 2015, at 11:07 AM, Ngigi Waithaka via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>> wrote:<br>
>><br>
>> Very dicey...<br>
>><br>
>> 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>
>> 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>
>> 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>
>> Its just a Virtual Currency, one of many....<br>
>><br>
>> Regards<br>
>><br></span><span class="">
>> On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a> <mailto:<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>>> wrote:<br>
>> CBK has taken a stand:<br>
>><br></span>
>> <a href="https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin" rel="noreferrer" target="_blank">https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin</a> <<a href="https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin" rel="noreferrer" target="_blank">https://www.centralbank.go.ke/index.php/news/464-public-on-virtual-currencies-such-as-bitcoin</a>><span class=""><br>
>><br>
>> Extract:<br>
>><br>
>> ++++<br>
>><br>
>> The attention of the Central Bank of Kenya (CBK) has been drawn to media reports<br>
>> on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.<br>
>> Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by<br>
>> any government or central bank. Domestic and international money transfer<br>
>> services in Kenya are regulated by the Central Bank of Kenya Act and other<br>
>> legislation. In this regard, no entity is currently licensed to offer money remittance<br>
>> services and products in Kenya using virtual currency such as Bitcoin.<br>
>><br>
>> This is to inform the public that virtual currencies such as Bitcoin are not legal<br>
>> tender in Kenya and therefore no protection exists in the event that the platform that<br>
>> exchanges or holds the virtual currency fails or goes out of business. Some of the<br>
>> risks associated with buying, holding or trading virtual currencies include the<br>
>> following:<br></span>
>> ? Transactions in virtual currencies such as bitcoin are largely untraceable and<span class=""><br>
>> anonymous making them susceptible to abuse by criminals in money laundering<br>
>> and financing of terrorism.<br></span>
>> ? Virtual currencies are traded in exchange platforms that tend to be unregulated<span class=""><br>
>> all over the world. Consumers may therefore lose their money without having<br>
>> any legal redress in the event these exchanges collapse or close business.<br></span>
>> ? There is no underlying or backing of assets and the value of virtual currencies is<span class=""><br>
>> speculative in nature. This may result in high volatility in value of virtual<br>
>> currencies thus exposing users to potential losses.<br>
>><br>
>> CBK reiterates that Bitcoin and similar products are not legal tender nor are they<br>
>> regulated in Kenya. The public should therefore desist from transacting in Bitcoin<br>
>> and similar products.<br>
>> ++++<br>
>><br>
>><br>
>> --<br>
>> Josiah Mugambi<br>
>><br>
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>><br>
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>> Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building<br>
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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>
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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>
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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></blockquote></div><br><br clear="all"><br>-- <br><div class="gmail_signature"><div dir="ltr"><div><div style="border-collapse:collapse;color:rgb(136,136,136);font-family:'Droid Sans',arial,sans-serif;font-size:13px"><div><font face="Calibri"><font size="2"><b>Regards,</b></font></font></div><div><br></div><div><font face="Calibri"><font size="2"><b>Wait</b></font></font><b style="font-size:small;font-family:Calibri">haka Ngigi</b></div></div><div><div><font face="Calibri"><font size="2"><font face="'Droid Sans', arial, sans-serif" color="#888888"><span style="border-collapse:collapse">Chief </span></font><font color="#888888"><span style="border-collapse:collapse">Executive</span></font><font face="'Droid Sans', arial, sans-serif" color="#888888"><span style="border-collapse:collapse"> Officer | </span></font><font style="border-collapse:collapse;font-family:'Droid Sans',arial,sans-serif;font-size:13px" color="#FF6600">Alliance Technologies</font><font face="'Droid Sans', arial, sans-serif" color="#888888"><span style="border-collapse:collapse"> | MCK Nairobi Synod Building</span></font></font></font></div></div><div style="border-collapse:collapse;color:rgb(136,136,136);font-family:'Droid Sans',arial,sans-serif;font-size:13px"><div><font face="Calibri"><font size="2"><span style="font-family:arial"><font face="Calibri"><font size="2">T +254 20 525 0750</font></font></span></font></font><span style="font-family:Calibri,sans-serif;font-size:13px;line-height:14px"> </span><span style="font-family:Calibri,sans-serif;font-size:13px;line-height:14px">|Office Mobile: +254 716 201061 </span><span style="font-family:Calibri,sans-serif;font-size:13px;line-height:14px"></span><span style="font-family:Calibri,sans-serif;font-size:13px;line-height:14px">| </span><span style="font-family:Calibri">M +254 737 811 000<a style="color:rgb(103,117,58)"><br></a></span></div></div><div style="border-collapse:collapse;color:rgb(136,136,136);font-family:'Droid Sans',arial,sans-serif;font-size:13px"><div><span style="font-family:Calibri"><a href="http://www.at.co.ke" target="_blank">www.at.co.ke</a></span></div><div></div></div></div></div></div>
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