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The Kenyan government will decide upon cryptocurrencies’ fate in two weeks time

09 July 2018 15:02, UTC

Kenyan authorities will decide upon bitcoin and other cryptocurrencies in terms of the legal tender. A two-week time is given to the Treasury by the Parliament. The reason for such haste is the growing popularity of digital assets in the country, as is measured by the Finance and National Planning Committee.

There were no official bans or prohibitions on using and trading cryptocurrency in Kenya. Though, earlier, the Central Bank of Kenya issued a warning about the risks of dealing with the cryptos, which was aimed at the financial institutions of the country. The regulators mentioned high volatility of bitcoin and other cryptocurrencies, its anonymity and lack of centralization and control. The two last factors are a fertile ground for money laundering and terrorism financing, according to the CBK.

Earlier, Bitnewstoday published an article about the situation in the sphere of digital currencies in Kenya.

As a result, the Finance and National Planning Committee has shown some interest in digital assets circulating within the country with no official permission and taxation. For now, the Treasury of Kenya is to develop the standards for regulating the cryptocurrency circulation in a two-week time.