Kenya's Treasury Minister has two weeks to decide the fate of cryptocurrencies in the country

Kenyans are turning to cryptocurrencies as an investment avenue

Mr Rotich was taken to task by the Finance and National Planning Committee to explain why the unregulated cryptocurrency space has thrived in the country yet it is not licensed and taxed by the Treasury.

Cryptocurrencies, such as bitcoins, are digital currencies that are not issued by a central government or State authority.

They are issued electronically by private entities who recruit users to use the currency among themselves.

Bitcoin ATM

East Africa’s first digital currency automated teller machine was installed in Nairobi mid last month, making it possible to buy bitcoins and litecoins instantly in cash.

"We are surprised to hear that even the Central Bank of Kenya is not aware that there is a lounge at Kenyatta University, an ATM in town, and a hotel in Nyeri which trade in bitcoins," the committee chairperson said.

On Tuesday, Mr Rotich said the government was yet to determine whether or not trade in cryptocurrencies will be allowed to thrive.

Kenyans are turning to cryptocurrencies as an investment avenue despite warnings from financial regulators and experts.

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