Kenyan Finance Minister gave Parliament two weeks' notice to decide the fate of cryptocurrence in Kenya

Treasury Secretary Henry Rotich addressed Tuesday the National Assembly on the existence of cryptocurrencies in Kenya, especially Bitcoin.

In his request for a declaration, MP Molo Kimani Kuria asked Rotich to appear before the Finance and Trade Committee. to explain the regulations that the government has put in place for crypto-currencies and the badociated risks.

Addressing the parliamentary commission, Rotich said that cryptocurrencies have no intrinsic value and are not supported by any type of badet. He argued that the price of Bitcoin is entirely a question of speculation.

"The fall of bitcoin from a peak of $ 19,300 in February 2017 to $ 8,500 in February 2018 demonstrated its instability …… The question of cryptocurrencies is changing and we can take a stand as That country is a delicate balance between supporting innovation and killing it. "~ CS, Henry Rotich.

The committee then gave Rotich two weeks to decide whether to legalize cryptocurrencies as a means of payment in the country

. Crypto a Concern

This development occurs a few days after a restaurant in Nyeri began accepting bitcoin payments saying that they are a means of payment such as money or M-Pesa [19659002] The Governor of CBK, Dr. Patrick Njoroge, has already warned of the risks badociated with cryptos. In 2015, the regulator issued a similar warning on digital currencies and another warning followed in 2018 warning all commercial banks in Kenya to treat cryptocurrencies like Bitcoin. Despite the many warnings, digital currencies are becoming more and more popular in Kenya with East Africa's first Bitcoin ATM machine set up in Nairobi in the middle of last month to allow users to buy cryptocurrencies in the UK. using Kenyan shillings.