Fun

Crypto Policy: Kenyan Senate Ready to Engage Central Bank

News Feed - 2023-02-25 02:02:45

Crypto Policy: Kenyan Senate Ready to Engage Central Bank


The Kenyan Senate’s Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country “to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.” Harnessing the ‘Benefits of Financial Innovation’


A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya (CBK) and other stakeholders in its bid to establish the East African nation’s policy towards virtual asset service providers (VASPs) and “the use of crypto assets in Kenya”


In a statement issued via Twitter, the Senate’s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.


“While considering the response received from the CBK regarding the Committee’s inquiry on digital assets infrastructure in Kenya at Parliament Buildings, the Members of the Cmte emphasized the need to have a laid down policy that governs the Central Bank Digital Currency and crypto assets in the country to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks,” the Senate tweeted.


Promoting the Adoption of Technology and Innovation Within the Financial Sector


Meanwhile, the Senate committee’s announcement comes two months after the Joint Financial Sector Regulators’ Forum (JFSRF) said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.


As explained in the JFSRF’s joint communique issued on Dec. 16, 2022, the recommendations “will be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders.” Communique on the 13th Joint Financial Sector Regulators' Board Meeting pic.twitter.com/E6Sa1Jzg1U


— Central Bank of Kenya (@CBKKenya) December 16, 2022



Besides the crypto-related recommendation, Kenya’s five-member regulators’ forum said it has also resolved to coordinate the development of a framework that promotes the adoption of emerging technology and innovations within the financial services sector. Doing this helps to “enhance effective regulation and supervision.”


Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story central bank digital currencies, central bank of Kenya, crypto assets, Joint Financial Sector Regulators’ Forum (JFSRF), Kenya Senate, Regulation, virtual asset service providers (VASPs)


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Nigerian Central Bank Seeks New CBDC Tech Partner — Bank Urged to Improve E-Naira User Experience AFRICA | 11 hours ago Nigerian Crypto Payment Gateway Fluidcoins Acquired by Seychelles-Based Crypto Exchange AFRICA | 7 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEclipse to Launch Rollup Blockchain for Polygon Network with Solana Compatibility Next articleNFT Sales Soar 138% in Past Week, Blur Market Dominates This Week’s ETH-Based NFT Sales Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"


Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

Tom Mitchelhill8 hours agoNumber of Bitcoin millionaire wallets triples in 2023Over 81,000 wallet addresses now hold $1 million or more worth of Bitcoin.5329 Total views77 Total sharesListen to article 0:00NewsJoin us on
David Attlee19 minutes agoKenya to introduce digital IDs for citizens by year-endThe Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the ne
Binance CEO Warns ‘We Could Disable Wazirx Wallets’ — Advises Investors to Transfer Funds to Binance
Binance CEO Warns "We Could Disable Wazirx Wallets" — Advises Investors to Transfer Funds to Binance Binance CEO Changpeng Zhao (CZ) has warned that his company could “dis
Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Month Low, Following Easter Selloff
Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Month Low, Following Easter Selloff Following a weekend of bearish pressure, BTC’s price fell to its lowest level in over a
Here’s How to Order Food From Your Home Using Cryptocurrency
Here’s How to Order Food From Your Home Using Cryptocurrency Staying home during the coronavirus epidemic reduces the risk of getting infected with the deadly covid-19. The dis
Brayden Lindrea5 hours agoGrayscale GBTC discount falls to 16% as markets bet on Bitcoin ETF approvalSome analysts say GBTC’s discount is narrowing because investors are pricing in the SEC’s approval on several pendi
Bitcoin Mining Operation Being Sued for Producing High Noise Levels in Tennessee
Bitcoin Mining Operation Being Sued for Producing High Noise Levels in Tennessee A bitcoin mining operation in Tennessee is being sued by neighbors due to the high level of noise t
NYC Mayor-Elect Wants Schools to Teach Crypto, Says Bitcoin Is New Way to Pay for Goods and Services
NYC Mayor-Elect Wants Schools to Teach Crypto, Says Bitcoin Is New Way to Pay for Goods and Services New York City Mayor-elect Eric Adams plans to make NYC the center of crypto and
Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims
Binance Processed $346 Million for Crypto Exchange Bitzlato, Report Claims Cryptocurrency exchange Binance has reportedly processed nearly $346 million in crypto transactions for B
SXSW’s 2022 Festival in Texas to Host Major On-Site NFT Workshop for Participants
SXSW"s 2022 Festival in Texas to Host Major On-Site NFT Workshop for Participants On Thursday, South by Southwest (SXSW) Conference and Festivals announced the company will be mint
Argentinean Prosecutor Investigates Alleged Bitcoin Scam Ganancias Deportivas
Argentinean Prosecutor Investigates Alleged Bitcoin Scam Ganancias Deportivas In Mendoza, Argentina, law enforcement launched an investigation against a sports-r
Bitfarms Adds 18 MW of Capacity to ‘The Bunker’ — Miner’s Daily Production Taps 16.8 BTC per Day
Bitfarms Adds 18 MW of Capacity to "The Bunker" — Miner"s Daily Production Taps 16.8 BTC per Day On July 28, the bitcoin mining company Bitfarms announced the completion of the s