{"id":8235,"date":"2021-06-14T11:54:07","date_gmt":"2021-06-14T11:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/experts-regulatory-uncertainty-and-slow-embrace-hampering-crypto-growth-in-kenya\/"},"modified":"2021-06-14T11:54:07","modified_gmt":"2021-06-14T11:54:07","slug":"experts-regulatory-uncertainty-and-slow-embrace-hampering-crypto-growth-in-kenya","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/experts-regulatory-uncertainty-and-slow-embrace-hampering-crypto-growth-in-kenya\/","title":{"rendered":"Experts: Regulatory Uncertainty and Slow Embrace Hampering Crypto Growth in Kenya"},"content":{"rendered":"<p><strong>Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya\u2019s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya\u2019s sector will remain open to fraud.<\/strong><\/p>\n<h2>Kenya\u2019s Embrace of Crypto Slow, Exchange Reps Point to Need for Legislation<\/h2>\n<p>George Mwakisha, the business development manager at Binance Kenya, says the country can reap the full benefits of digital currencies if it moves to pass the relevant legislation, local media <a href=\"https:\/\/www.the-star.co.ke\/business\/kenya\/2021-06-09-unclear-regulation-slowing-kenyas-digital-currency-growth-experts\/\">reports<\/a>. Mwakisha is said to view the lack of clear laws regarding cryptocurrencies as leaving the country open to fraud.<\/p>\n<p>Meanwhile, the Binance Kenya representative\u2019s sentiments are shared by Apollo Sande, Luno Crypto Exchange\u2019s country manager for Kenya. According to Sande, one of the benefits of regulating cryptocurrencies is the likely boost to cross-border remittances into the country. Adopting cryptocurrencies will also give Kenya \u201cgreater access to international markets\u201d the country manager adds.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<h2>Kenyans on Board, Banks Not so Sure<\/h2>\n<p>The remarks by Kenya\u2019s crypto experts follow recent reports that the country, alongside five other East Africa states, is exploring the possibility of launching a regional digital currency. Already the country\u2019s Blockchain &amp; Artificial Intelligence Task Force \u2014 in its 2019 report \u2014 has recommended the use of cryptocurrency in Kenya, noting that the global trend is \u201cinevitable.\u201d<\/p>\n<p>As previously <a href=\"https:\/\/news.bitcoin.com\/p2p-bitcoin-trade-volumes-surge-in-kenya-and-ghana-but-nigeria-still-dominates\/\">reported<\/a> by Bitcoin.com News, Kenya now has one of the largest P2P bitcoin traded volumes on the African continent.<\/p>\n<p>Despite the recommendations and apparent adoption of crypto assets by Kenyans, however, the Central Bank of Kenya\u2019s (CBK) embrace of cryptocurrencies has been slowed by \u201cunending discussions on developing regulations\u201d the report said.<\/p>\n<p><em><strong>Do you think the regulation of digital currencies by the CBK will help speed up adoption in Kenya? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nEmerging Markets, Binance Kenya, Blockchain, central bank of Kenya, Crypto Adoption, Crypto regulation, luno, P2P bitcoin payments, remittances<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya\u2019s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya\u2019s sector will remain open to fraud. Kenya\u2019s Embrace of Crypto Slow, Exchange Reps Point&hellip;<\/p>\n","protected":false},"author":0,"featured_media":8236,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-8235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8235"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=8235"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/8235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/8236"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=8235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=8235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=8235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}