<html><head></head><body><div style="color:#000; background-color:#fff; font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:10px"><div id="yui_3_16_0_1_1450329564164_26468">@Watila Alex</div><div id="yui_3_16_0_1_1450329564164_26467"><br></div><div id="yui_3_16_0_1_1450329564164_26466">I think crypto currencies are the most traceable commodity. there only limitation on the matter is the fact that users can use pseudo names to perform transactions</div><div id="yui_3_16_0_1_1450329564164_26477"><br></div><div id="yui_3_16_0_1_1450329564164_26508" dir="ltr">regards Meshack<br></div><div id="yiv7153060547"><div id="yui_3_16_0_1_1450329564164_25886"><div id="yui_3_16_0_1_1450329564164_25885" style="color:#000;background-color:#fff;font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:10px;"><div id="yiv7153060547"><div id="yiv7153060547yui_3_16_0_1_1450329564164_10855"><div id="yiv7153060547yui_3_16_0_1_1450329564164_10854" style="color:#000;background-color:#fff;font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:10px;"><br clear="none"><div><span></span></div> <div class="yiv7153060547qtdSeparateBR" id="yiv7153060547yui_3_16_0_1_1450329564164_10856"><br clear="none"><br clear="none"></div></div></div></div><div id="yui_3_16_0_1_1450329564164_25884"> <div id="yui_3_16_0_1_1450329564164_25883" style="font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:10px;"> <div id="yui_3_16_0_1_1450329564164_25882" style="font-family:HelveticaNeue, Helvetica Neue, Helvetica, Arial, Lucida Grande, sans-serif;font-size:16px;"> <div id="yui_3_16_0_1_1450329564164_25881" class="yiv7153060547qtdSeparateBR"><br clear="none"><br clear="none"></div><div class="yiv7153060547yqt1818959276" id="yiv7153060547yqt35787"><div class="yiv7153060547yqt5176347983" id="yiv7153060547yqt57264"><div id="yui_3_16_0_1_1450329564164_26326" dir="ltr"><font id="yui_3_16_0_1_1450329564164_26325" size="2" face="Arial"> On Thursday, December 17, 2015 5:54 AM, Mwendwa Kivuva via kictanet <kictanet@lists.kictanet.or.ke> wrote:<br clear="none"></font></div> <br clear="none"><br clear="none"> <div id="yui_3_16_0_1_1450329564164_25889" class="yiv7153060547y_msg_container"><div id="yiv7153060547"><div id="yui_3_16_0_1_1450329564164_25888"><div id="yui_3_16_0_1_1450329564164_25887" dir="ltr"><br clear="none">
On Dec 15, 2015 11:07 AM, "Ngigi Waithaka via kictanet" <<a id="yui_3_16_0_1_1450329564164_26507" rel="nofollow" shape="rect" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</a>> wrote:<br clear="none">
><br clear="none">
> Very dicey...<br clear="none">
><br clear="none">
> 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.</div>
<div id="yui_3_16_0_1_1450329564164_25890" dir="ltr">Mpesa is backed by equivalent shillings deposited to reflect the actual amount in your mpesa account. Let us call mpesa a bank account, because that is what it is. Is your bank balance a legal tender?</div>
<div id="yui_3_16_0_1_1450329564164_26327" dir="ltr">><br clear="none">
> What is Paypal? a Virtual Currency that has a 1:1 mapping with say USD</div>
<div id="yui_3_16_0_1_1450329564164_26510" dir="ltr">PayPal too is an account that reflects real money controlled by a central bank earned by offering goods or services.</div>
<div id="yui_3_16_0_1_1450329564164_26511" dir="ltr">><br clear="none">
> What is BitCoin? A Virtual Currency that has a *fluctuating* mapping with other currencies e.g 1:130 with USD.<br clear="none">
><br clear="none">
> 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">
><br clear="none">
> Its just a Virtual Currency, one of many....</div>
<div dir="ltr">This is where the analogy gets wrong. Mpesa and PayPal are real cash deposited into an account. The cash is controlled by a central bank depending on the currency.</div>
<div id="yui_3_16_0_1_1450329564164_25891" dir="ltr">Bitcoin on the other hand is a digital currency that is created and held electronically without an equivalent hard currency cash deposit, unlike the ordinary legal tender, and is not a government-backed unit. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. A good analogy is the virtual coins you get as a reward when you play computer games like Temple Run. Although bitcouns are obtained by mining, bitcoins can be exchanged for other currencies, products, and services. A better analogy is the way I can sell my mangoes and apples, and IT skills for $$$.</div>
<div dir="ltr">All that said, we should accept that bitcoin can provide legitimate financial services.</div>
<div id="yui_3_16_0_1_1450329564164_25892" dir="ltr">><br clear="none">
> Regards<br clear="none">
><br clear="none">
> On Tue, Dec 15, 2015 at 10:00 AM, Josiah Mugambi via kictanet <<a rel="nofollow" shape="rect" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</a>> wrote:<br clear="none">
>><br clear="none">
>> CBK has taken a stand:<br clear="none">
>><br clear="none">
>><a rel="nofollow" shape="rect" 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><br clear="none">
>><br clear="none">
>> Extract:<br clear="none">
>><br clear="none">
>> ++++<br clear="none">
>><br clear="none">
>> The attention of the Central Bank of Kenya (CBK) has been drawn to media reports<br clear="none">
>> on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.<br clear="none">
>> Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by<br clear="none">
>> any government or central bank. Domestic and international money transfer<br clear="none">
>> services in Kenya are regulated by the Central Bank of Kenya Act and other<br clear="none">
>> legislation. In this regard, no entity is currently licensed to offer money remittance<br clear="none">
>> services and products in Kenya using virtual currency such as Bitcoin.<br clear="none">
>><br clear="none">
>> This is to inform the public that virtual currencies such as Bitcoin are not legal<br clear="none">
>> tender in Kenya and therefore no protection exists in the event that the platform that<br clear="none">
>> exchanges or holds the virtual currency fails or goes out of business. Some of the<br clear="none">
>> risks associated with buying, holding or trading virtual currencies include the<br clear="none">
>> following:<br clear="none">
>> Transactions in virtual currencies such as bitcoin are largely untraceable and<br clear="none">
>> anonymous making them susceptible to abuse by criminals in money laundering<br clear="none">
>> and financing of terrorism.<br clear="none">
>> Virtual currencies are traded in exchange platforms that tend to be unregulated<br clear="none">
>> all over the world. Consumers may therefore lose their money without having<br clear="none">
>> any legal redress in the event these exchanges collapse or close business.<br clear="none">
>> There is no underlying or backing of assets and the value of virtual currencies is<br clear="none">
>> speculative in nature. This may result in high volatility in value of virtual<br clear="none">
>> currencies thus exposing users to potential losses.<br clear="none">
>><br clear="none">
>> CBK reiterates that Bitcoin and similar products are not legal tender nor are they<br clear="none">
>> regulated in Kenya. The public should therefore desist from transacting in Bitcoin<br clear="none">
>> and similar products.<br clear="none">
>> ++++<br clear="none">
>><br clear="none">
>><br clear="none">
>> -- <br clear="none">
>> Josiah Mugambi<br clear="none">
>><br clear="none">
>> _______________________________________________<br clear="none">
>> kictanet mailing list<br clear="none">
>><a rel="nofollow" shape="rect" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="mailto:kictanet@lists.kictanet.or.ke"> kictanet@lists.kictanet.or.ke</a><br clear="none">
>><a rel="nofollow" shape="rect" target="_blank" href="https://lists.kictanet.or.ke/mailman/listinfo/kictanet"> https://lists.kictanet.or.ke/mailman/listinfo/kictanet</a><br clear="none">
>><br clear="none">
>> Unsubscribe or change your options at<a rel="nofollow" shape="rect" target="_blank" href="https://lists.kictanet.or.ke/mailman/options/kictanet/ngigi%40at.co.ke"> https://lists.kictanet.or.ke/mailman/options/kictanet/ngigi%40at.co.ke</a><br clear="none">
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>><br clear="none">
>> 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 clear="none">
>><br clear="none">
>> 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 clear="none">
><br clear="none">
><br clear="none">
><br clear="none">
><br clear="none">
> -- <br clear="none">
> Regards,<br clear="none">
><br clear="none">
> Waithaka Ngigi<br clear="none">
> Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building<br clear="none">
> T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000<br clear="none">
><a rel="nofollow" shape="rect" target="_blank" href="http://www.at.co.ke/"> www.at.co.ke</a><br clear="none">
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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 clear="none">
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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 clear="none">
</div></div></div><br clear="none"><div class="yiv7153060547yqt7686222841" id="yiv7153060547yqtfd20828">_______________________________________________<br clear="none">kictanet mailing list<br clear="none"><a rel="nofollow" shape="rect" ymailto="mailto:kictanet@lists.kictanet.or.ke" target="_blank" href="mailto:kictanet@lists.kictanet.or.ke">kictanet@lists.kictanet.or.ke</a><br clear="none"><a rel="nofollow" shape="rect" target="_blank" href="https://lists.kictanet.or.ke/mailman/listinfo/kictanet">https://lists.kictanet.or.ke/mailman/listinfo/kictanet</a><br clear="none"><br clear="none">Unsubscribe or change your options at <a rel="nofollow" shape="rect" target="_blank" href="https://lists.kictanet.or.ke/mailman/options/kictanet/memakunat%40yahoo.com">https://lists.kictanet.or.ke/mailman/options/kictanet/memakunat%40yahoo.com</a><br clear="none"><br clear="none">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 clear="none"><br clear="none">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.</div><br clear="none"><br clear="none"></div></div></div> </div> </div> </div></div></div></div></div></body></html>