many governments have taken policy decisions to opose bitcoins not for being virtual curreny but due to the lack of tracability.<div id="yMail_cursorElementTracker_0.2513508147094399"><br></div><div id="yMail_cursorElementTracker_0.2513508147094399">cbk is just following suit.</div><div id="yMail_cursorElementTracker_0.2513508147094399"><br></div><div id="yMail_cursorElementTracker_0.2513508147094399">other currency that are virtual but traceable by governments have largely been left alone<br><br><div><a href="https://overview.mail.yahoo.com/mobile/?.src=Android">Sent from Yahoo Mail on Android</a></div> <br> <blockquote style="margin: 0 0 20px 0;"> <header style="font-family:Roboto, sans-serif; color:#6D00F6;"> <div>On Tue, 15 Dec, 2015 at 8:49, Ali Hussein via kictanet</div><div><kictanet@lists.kictanet.or.ke> wrote:</div> </header> <div style="padding: 10px 0 0 20px; margin: 10px 0 0 0; border-left: 1px solid #6D00F6;"> Waithaka<div class=""><br clear="none" class=""></div><div class="">I concur with you. 150%</div><div class=""><br clear="none" 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 clear="none" 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 clear="none" class=""></div><div class=""><div class="">
<div class="" style="color:rgb(0, 0, 0);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;word-wrap:break-word;"><div class="" style="color:rgb(0, 0, 0);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;word-wrap:break-word;">Thanks & Regards<br clear="none" class=""><br clear="none" class="">Ali Hussein<br clear="none" class=""><a rel="nofollow" shape="rect" class="" ymailto="mailto:ali@hussein.me.ke" target="_blank" href="javascript:return">ali@hussein.me.ke</a><br clear="none" class=""><br clear="none" class="">+254 713 601113<br clear="none" class="">Twitter: @AliHKassim</div><div class="" style="color:rgb(0, 0, 0);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;word-wrap:break-word;">Skype: Abu-Jomo</div><div class="" style="color:rgb(0, 0, 0);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;word-wrap:break-word;">LinkedIn: http//<a rel="nofollow" shape="rect" class="" target="_blank" href="http://ke.linkedin.com/in/alihkassim">ke.linkedin.com/in/alihkassim</a><br clear="none" class="">Blog: <a rel="nofollow" shape="rect" class="" target="_blank" href="http://www.alyhussein.com">www.alyhussein.com</a><br clear="none" class=""></div></div>
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<br clear="none" class=""><div><blockquote class="" type="cite"><div class="">On Dec 15, 2015, at 11:07 AM, Ngigi Waithaka via kictanet <<a rel="nofollow" shape="rect" class="" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="javascript:return">kictanet@lists.kictanet.or.ke</a>> wrote:</div><br clear="none" class="Apple-interchange-newline"><div class=""><div class="" dir="ltr"><div class=""><div class=""><div class=""><div class="">Very dicey...<br clear="none" class=""><br clear="none" 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 clear="none" class=""><br clear="none" class=""></div>What is Paypal? a Virtual Currency that has a 1:1 mapping with say USD<br clear="none" class=""><br clear="none" class="">What is BitCoin? A Virtual Currency that has a *fluctuating* mapping with other currencies e.g 1:130 with USD.<br clear="none" class=""><br clear="none" 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 clear="none" class=""><br clear="none" class=""></div><div class="">Its just a Virtual Currency, one of many....<br clear="none" class=""><br clear="none" class=""></div><div class=""></div>Regards<br clear="none" class=""></div><div class="gmail_extra"><br clear="none" class=""><div class="gmail_quote">On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <span class="" dir="ltr"><<a rel="nofollow" shape="rect" class="" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="javascript:return">kictanet@lists.kictanet.or.ke</a>></span> wrote:<br clear="none" class=""><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex;"><div class="" dir="ltr"><div class="">CBK has taken a stand:</div><div class=""><br clear="none" class=""></div><a rel="nofollow" shape="rect" class="" target="_blank" href="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</a><div class=""><br clear="none" class=""></div><div class="">Extract:</div><div class=""><br clear="none" class=""></div><div class=""><div class=""><div class="">++++</div><div class=""><br clear="none" 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 clear="none" 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 clear="none" 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 class="" color="#888888"></font></span><div class=""><br clear="all" class=""><div class=""><br clear="none" class=""></div>-- <br clear="none" class=""><div class="">Josiah Mugambi</div>
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