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{
    "id": 1285745,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1285745/?format=api",
    "text_counter": 167,
    "type": "speech",
    "speaker_name": "Sen. Thang’wa",
    "speaker_title": "",
    "speaker": null,
    "content": "Maybe, to bring to speed to my good friend the Chairperson of the County Public Investment Committee (CPIC), Sen. Osotsi, a block chain is where when you do a transaction and immediately get your receipt, it is distributed to everybody in the network. This means that you can never go back there to complain that your receipt is different from everybody in the world. To bring you very close to this scenario, during the presidential election, we did a block chain without knowing. At the counting of the presidential results, form 34 was stuck on the door and it was photocopied by everybody. It was even distributed online. That is why it was very hard for anybody to change it. Trying to change it, you would have had to recall all the forms in the whole country and change each and every one and then you give us a copy. So, blockchain brings about transparency. If the Chairperson who commented about cryptocurrency will take that seriously, together with the Governor of the CBK, I believe that we are going to move in the right direction. This is what we call the new financial infrastructure. As I conclude, because I had made my comments yesterday, what stops the National Treasury, CBK and also the Senate from having digital screens? When you go to a bank, you see how much a dollar is exchanged with Kenya shillings, Australian Dollars, Chinese Yuan, and all that. What stops the CBK, the Controller of the Budget, the National Treasury and the Senate from having something? Today we would be able to know which county received what and how much a few days ago. What I am trying to bring across, is that we need a transparent infrastructure when it comes to the way we transact business and especially on our legal tender, the Kenya shilling. We should at least come up with a law that regularizes or legalizes cryptocurrency. Just because you do not regulate it, it does not mean that it is legal. There were millions of youth who queued in Nairobi to have their eyeballs scanned. Some were arrested while others were deported to their country. However, because we do not have regulations, such a thing happened. If there were regulations, the World Coin would have come to the office of either the Capital Market Authority (CMA) or the Information Communication Technology (ICT) to report what they wanted to do, and Kenyans could have been protected. We urge the CBK to not just sit there. It should adapt to the changes that are happening in our financial institutions, financial system, and financial infrastructure and architecture so that they go in line with the current world today. Mr. Speaker, Sir, I support."
}