A statement gathered from BitcoinKe
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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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