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Author Topic: [2016-10-05] Is the Central Bank of Kenya Threatened by Bitcoin?  (Read 260 times)
elyas772
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October 05, 2016, 04:26:45 PM
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As the Bitcoin protocol allows for peer to peer transactions between people, without the need of an intermediary who adds no value to the transaction, the only jurisdiction the CBK can truly exercise is over Kenya’s national currency, the Kenyan Shilling (KES). As any exchange agent that provides the services of exchanging fiat national currencies to/from bitcoin, they have to take into consideration and contend with the laws governing the fiat currencies that they are transacting with.

https://www.centralbank.go.ke/images/docs/media/Public_Notice_on_virtual_currencies_such_as_Bitcoin.pdf

https://www.cryptocoinsnews.com/central-bank-kenya-threatened-bitcoin/
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October 05, 2016, 04:34:23 PM
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"The attention of the Central Bank of Kenya (CBK) has been drawn to media reports
on the use, holding and trading of virtual currencies such as Bitcoin in Kenya.
Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by
any government or central bank. Domestic and international money transfer
services in Kenya are regulated by the Central Bank of Kenya Act and other
legislation. In this regard, no entity is currently licensed to offer money remittance
services and products in Kenya using virtual currency such as Bitcoin.
This is to inform the public that virtual currencies such as Bitcoin are not legal
tender in Kenya and therefore no protection exists in the event that the platform that
exchanges or holds the virtual currency fails or goes out of business. Some of the
risks associated with buying, holding or trading virtual currencies include the
following:
 Transactions in virtual currencies such as bitcoin are largely untraceable and
anonymous making them susceptible to abuse by criminals in money laundering
and financing of terrorism.
 Virtual currencies are traded in exchange platforms that tend to be unregulated
all over the world. Consumers may therefore lose their money without having
any legal redress in the event these exchanges collapse or close business.
 There is no underlying or backing of assets and the value of virtual currencies is
speculative in nature. This may result in high volatility in value of virtual
currencies thus exposing users to potential losses.
CBK reiterates that Bitcoin and similar products are not legal tender nor are they
regulated in Kenya. The public should therefore desist from transacting in Bitcoin
and similar products."
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October 05, 2016, 05:09:06 PM
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Sounds pretty much the same as what every other central bank has come out with regarding Bitcoin. Business as usual.

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