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Trade CS Moses Kuria joins Cryptocurrency debate

Trade Cabinet Secretary Moses Kuria has asked Kenyans to be at the forefront of changes happening across the world due to innovation.

Speaking at the launch of the Showfa taxi platform, the CS said Kenya will not be harmed by legalizing the digital currency.

He has asked the Central Bank of Kenya (CBK), and the Communication Authority of Kenya (CA) to lower their guards on Cryptocurrency.

“Are we the only ones who will be harmed by cryptocurrency? No, let us be more liberal and more flexible about it. I’m saying this because I want to talk to the regulators such as Communication Authority, and like Central Bank. Fortune favours the bold, and in the spirit of John Michuki, if he had been so conservative, we could not have the Mpesa. Let us dare to dream, let us be innovative and flexible, and let us do those things that move with time,” CS Kuria said.

According to the CS, Kenya has the potential of dominating the international market with its innovation in fintech and technology.

“It is beyond us now the current generation who have got this responsibility bestowed upon us that comes only once in a lifetime, once in history, not to be conservative. To look at things differently.”

This comes as the Senate Standing Committee on Information, Communication and Technology headed by Trans Nzoia Senator Allan Chesang initiates talks with CBK to recognize Cryptocurrency as a valid form of legal tender.

The Senate Committee said that the move will bring on board other stakeholders who will formulate policies related to the

The standing committee, headed by Trans Nzoia Senator Allan Chesang, has unveiled its intention to involve other stakeholders in formulating policies related to virtual assets, service providers, and the use of cryptocurrency in Kenya.

The committee also declared its commitment to accelerate the implementation of the Central Bank Digital Currency.

Last year, CBK invited members of the public to submit their views on Discussion Paper on Central Bank Digital Currency.

According to the United Nations Conference on Trade and Development (UNCTAD) report of 2022, Kenya’s largest population was using cryptocurrency.

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