Last updated on December 31st, 2019 at 07:02 am
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A statement gathered from BitcoinKe
National Treasury Cabinet Secretary Henry Rotich on Tuesday addressed the national assembly of the Kenya Government on the existence of cryptocurrencies in Kenya, particularly Bitcoin.
In his request for a statement, Molo MP Kimani Kuria asked Rotich to appear before the Finance and Trade Committee to make clear the regulations the Kenya government has put in place for crypto-currencies and the risks associated with the digital money.
Addressing the parliamentary committee, Rotich said :
cryptocurrencies have no intrinsic value and are not backed by any kind of assets. He argued that the price of Bitcoin is entirely a matter of speculation.
Further statement from an in house member: CS,Henry Rotich, states:
“The fall of the bitcoin from a peak of $19,300 in February 2017 to $8,500 in February 2018 demonstrated its instability…… The issue of cryptocurrencies is evolving and we can take a position as a country. This is a delicate balance between supporting innovation and killing it.”
The committee gave Rotich two weeks to decide on whether to legalize cryptocurrencies as a means of payment in the country or not.
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