Kenyan Senate Ready to Engage Central Bank – Bitcoin News

Kenya’s Senate Information, Communications and Technology committee said it stands ready to involve the Central Bank of Kenya (CBK) and other stakeholders in shaping the country’s policy regarding crypto assets and virtual asset service providers. According to the committee, this policy helps govern the use of crypto assets in the country “to ensure that Kenya enjoys the benefits of financial innovation and minimizes the risks.”

Harnessing the ‘Benefits of Financial Innovation’

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

In a statement released via Twitter, the Senate Information, Communications and Technology Committee argued that establishing such a policy will help Kenya reap the benefits of innovation.

“In considering the response received from the CBK on the Committee’s investigation into Kenya’s digital asset infrastructure in Parliament buildings, Cmte members stressed the need to have an established policy governing Central Bank Digital Currency and crypto assets. in the country to ensure Kenya reaps the benefits of financial innovation while minimizing the risks,” tweeted the Senate.

Promoting the Adoption of Technology and Innovation in 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 joint JFSRF communiqué issued on December 16, 2022, the recommendations “will follow extensive consultations and deliberations across the financial industry and other relevant stakeholders.”

In addition to 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 technologies and innovations in the financial services sector. This helps “improve effective regulation and supervision”.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries, as well as how digital currencies can provide Africans with an escape route.

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