Experts say regulatory uncertainty and the slow pace of cryptocurrencies remain major impediments to the development of Kenya’s digital currency market. He also claimed that without accelerated regulation, which he believes will accelerate the adoption of digital currencies, Kenya’s territory would be open to fraud.
Kenya Embracing Crypto Slow, Exchange Reps Point to Need for Legislation
Binance Kenya Business Development Manager George Mwakisha says the country can take full advantage of digital currencies if the country moves to pass relevant legislation, local media said. reports. Mwakisha is said to see the lack of clear laws regarding cryptocurrency as leaving the country open to fraud.
Meanwhile, Apollo Sand, Country Manager for Kenya Luno Crypto Exchange, shared the sentiments of Binance Kenya representative. According to Sande, one of the benefits of regulating cryptocurrencies is the promotion of cross-border remittances in the country. The country’s manager said that the adoption of cryptocurrencies will give Kenya “greater access to international markets”.
Kenyans on board, banks not so sure
Comments from Kenya’s crypto experts follow recent reports that the country, along with five other East Africa states, is exploring the possibility of launching a regional digital currency. Already the country’s Blockchain and Artificial Intelligence Task Force – in its 2019 report – has recommended the use of cryptocurrencies in Kenya, noting that the global trend is “inevitable”.
as before Reported By Bitcoin.com news, Kenya now has one of the largest P2P bitcoin trading volumes on the African continent.
The report noted that the Central Bank of Kenya (CBK) has been slowing down cryptocurrencies with “endless discussions on developing regulations” despite the recommendations and apparent adoption of crypto assets by Kenyans.
Do you think the regulation of digital currencies by CBK will help accelerate adoption in Kenya? Tell us what you think in the comment section below.
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