{"id":18049,"date":"2023-02-24T18:00:52","date_gmt":"2023-02-24T18:00:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kenyan-senate-ready-to-engage-central-bank-bitcoin-news\/"},"modified":"2023-02-24T18:00:52","modified_gmt":"2023-02-24T18:00:52","slug":"kenyan-senate-ready-to-engage-central-bank-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kenyan-senate-ready-to-engage-central-bank-bitcoin-news\/","title":{"rendered":"Kenyan Senate Ready to Engage Central Bank \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Kenyan Senate\u2019s 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\u2019s 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 \u201cto ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.\u201d<\/strong><\/p>\n

Harnessing the \u2018Benefits of Financial Innovation\u2019<\/h2>\n

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\u2019s policy towards virtual asset service providers (VASPs) and \u201cthe use of crypto assets in Kenya\u201d<\/p>\n

In a statement issued via Twitter,<\/a> the Senate\u2019s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.<\/p>\n

\u201cWhile considering the response received from the CBK regarding the Committee\u2019s 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,\u201d the Senate tweeted.<\/p>\n

Promoting the Adoption of Technology and Innovation Within the Financial Sector<\/h2>\n

Meanwhile, the Senate committee\u2019s announcement comes two months after the Joint Financial Sector Regulators\u2019 Forum (JFSRF) said it would consider creating a technical working group with a mandate recommending the establishment of a crypto regulatory framework.<\/p>\n

As explained in the JFSRF\u2019s joint communique issued on Dec. 16, 2022, the recommendations \u201cwill be subsequent to wide consultations and deliberations across the financial sector and other relevant stakeholders.\u201d<\/p>\n

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Communique on the 13th Joint Financial Sector Regulators’ Board Meeting pic.twitter.com\/E6Sa1Jzg1U<\/a><\/p>\n

\u2014 Central Bank of Kenya (@CBKKenya) December 16, 2022<\/a><\/p>\n<\/blockquote>\n

Besides the crypto-related recommendation, Kenya\u2019s five-member regulators\u2019 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 \u201cenhance effective regulation and supervision.\u201d<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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