Crypto Policy: Kenyan Senate Ready to Engage Central Bank
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Loading... - Macaria Mutwiri
- 23 Mar 2023
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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. Read More…
