<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="">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 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 11:07 AM, Ngigi Waithaka via kictanet <<a href="mailto:kictanet@lists.kictanet.or.ke" class="">kictanet@lists.kictanet.or.ke</a>> wrote:</div><br class="Apple-interchange-newline"><div class=""><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="HOEnZb"><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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