East African Community Members take Tough Stance on Cryptocurrency

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Regulators in the East African Community jointly expressed their concerns on the risks involved in investing in cryptocurrencies. Their fear is based on increasing report of fraud, potential use by criminals due to the anonymity provided by virtual currencies and a general risk to financial stability of their respective economies.

While Kenya has been struggling with how to regulate BitPesa, a payment platform which is operating across Kenya, Tanzania and Uganda due to its complexity, regulators of Uganda insisted on the illegality of cryptocurrencies. Rwanda, on the other hand, opted for a wait and see approach as the technology is yet to gain traction in the country.

Despite the fears and promise of regulatory policies, there is however a broad based acknowledgement of the tremendous benefits that are attendant to the disruptive Blockchain technology for the region.

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