<p dir="ltr">Ali, you have got that fact correctly. Preserving public interest. </p>
<p dir="ltr">Back to Barrack's question. What would happen if bitPesa went under the Imperial bank way? That would leave depositors high and dry. I think the spirit of Central Bank's memo is, we cannot guarantee depositors any protection. What CBK can do is have cryptocurrency operators give a collateral that can be used to repay clients in the unlikely eventuality the companies go under.</p>
<p dir="ltr">Regards </p>
<div class="gmail_quote">On Dec 16, 2015 9:31 AM, "Ali Hussein via kictanet" <<a href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr"><span style="font-size:13px">Waithaka, Ahmed</span><div style="font-size:13px"><br></div><div style="font-size:13px">What you have articulated is at the crux of the matter. CONTROL.</div><div style="font-size:13px"><br></div><div style="font-size:13px">To Barrack’s question:-</div><span style="font-size:13px"><div><br></div><div><blockquote type="cite">1) If you were the Governor CBK or CS Finance? How would you handle<br>Bitcoins? (with limited knowledge on technology matters?) </blockquote><br></div></span><div style="font-size:13px">That is, I believe a critical component of Policy and how the government of the day chooses who is appointed to what docket. But to answer your question in a straight forward way:-</div><div style="font-size:13px"><br></div><div style="font-size:13px">If I were the Governor or CS Finance I’d first take the steps to ensure public interest is preserved. I would then call in the proponents of this particular case and try and find a way for them to work together as we extend our policies and regulations to encompass cryptocurrencies. The fact that we ignore them doesn’t mean they don’t exist. I certainly don’t want to be the proverbial Ostrich sticking its head in the sand and wishing away all its problems.</div><div style="font-size:13px"><br></div><div style="font-size:13px">But then, this is just hypothesis right? :-)</div><div style="font-size:13px"><br></div><div style="font-size:13px">My humble advise to Regulators the world over:-</div><div style="font-size:13px"><br></div><div style="font-size:13px">Don’t be like the Ostrich. :-) </div><div style="font-size:13px"><br></div><div class="gmail_default" style="font-family:georgia,serif"><span style="font-size:13px;font-family:arial,sans-serif">Oh, and I would have expected the Central Bank to have asked the court to enjoin them in the Lipisha/Bitpesa vs Safaricom case as Amicus Curiae. Just so that they can also learn. </span></div><div class="gmail_default" style="font-family:georgia,serif"><b style="font-family:arial,sans-serif"><font face="georgia, serif" size="2"><br></font></b></div><div class="gmail_default" style="font-family:georgia,serif"><b style="font-family:arial,sans-serif"><font face="georgia, serif" size="2">Ali
Hussein</font></b><br></div><div><div><div dir="ltr"><div><div dir="ltr"><div dir="ltr"><div dir="ltr"><p style="margin:0in 0in 0pt"><b><font face="georgia, serif" size="2">Principal</font></b></p><p style="margin:0in 0in 0pt"><font face="georgia, serif" size="2"><b>Hussein & Associates</b></font></p><font size="2">
</font><p style="margin:0in 0in 0pt"><font size="2"> </font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>T<font size="2">el: +254 713 60<font size="2">1113</font></font><br></span></span></font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>Twitter: @AliHKassim</span><span></span></span></font></p><font size="2"><span style="font-family:georgia,serif">
</span></font><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>Skype: abu-jomo</span></span></font></p><p style="margin:0in 0in 0pt"><font size="2"><span style="font-family:georgia,serif"><span>LinkedIn: <a href="http://ke.linkedin.com/in/alihkassim" target="_blank">http://ke.linkedin.com/in/alihkassim</a></span><a href="http://ke.linkedin.com/in/alihkassim" target="_blank"><span style="color:windowtext;text-decoration:none"></span></a></span></font></p><font size="2"><span style="font-family:georgia,serif"></span></font><p style="margin:0in 0in 0pt">
</p><font size="2"><span style="font-family:georgia,serif"><span>Blog: <a href="http://www.alyhussein.com" target="_blank">www.alyhussein.com</a><br><br><br><font size="1">Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.</font></span></span></font><span style="font-family:'Baskerville Old Face',serif;font-size:11pt"></span><span style="font-size:11pt"></span>
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