Is the Kenyan Government in fear of the growth of the Cryptocurrency space in Kenya??

Written by jamie

August 11, 2020

We have reported on the news that broke on the 5th of august, when announced on their twitter that, the Kenyan shillings and South African Rand have been added to the currencies on their platform.

There have since been new regulations put in place by the Kenyan Revenue Authority (KRA) that obligates users of digital currency marketplaces in Kenya to pay a whopping 1.5% on gross transaction value. Reports state that this new tax law can be expected to be underway as early as the 1st of January of 2021. This information has been posted on their official twitter @KRACorporate

An article by CryptoGuru on reported that the Kenyan Revenue Authority is working on a “special tax unit to track and tax transactions using data-driven detection”.

This could be bad news for Kenyan Crypto currency investors and traders, because it shows that the government understands how fast the growth of The crypto currency space is in Kenya at the moment, which also means they could speed up some form of Crypto regulation in the country perhaps as a form of minimal control and surveillance over transactions.

What does this mean for countries like South Africa, Nigeria, and Ghana who are the leading economies of Africa in the Crypto space?

Could this governments take a similar approach as the Kenyan government, and does this confirm that they now understand how huge this is as a stance against central banks?

Leave your comments and opinions!!

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