The Senate Standing Committee on Information, Communication and Technology, led by Trans Nzoia Senator Allan Chesang, has taken a step towards addressing the use of virtual assets and crypto assets in Kenya. The committee recently held a meeting with representatives of the Central Bank of Kenya (CBK) to discuss the state of digital assets infrastructure in the country.
During the meeting, the members of the committee raised concerns about the lack of a clear policy regarding the use of virtual assets service providers and crypto assets. They stressed the need for a policy that will govern the Central Bank Digital Currency and other crypto assets in the country, to ensure that the benefits of financial innovation are harnessed while minimizing risks.
Senator Chesang, the committee’s chairman, emphasized the importance of creating a favorable environment for investments in Kenya, including in the areas of agriculture and manufacturing. He also stressed the need to embrace digital innovation in the financial sector to make Kenya a more attractive investment destination.
Other members of the committee who attended the meeting included Senator Boy Issa Juma (Kwale), Senator Godfrey Atieno Osotsi (Vihiga), Senator Shakila Abdalla Mohamed (Nominated), Senator Karen Njeri Nyamu (Nominated), and Senator Beatrice Akinyi Ogola (Nominated). The members agreed to engage with CBK and other stakeholders to come up with a policy that will guide the use of virtual assets and crypto assets in Kenya.
