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{
    "id": 1583345,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583345/?format=api",
    "text_counter": 303,
    "type": "speech",
    "speaker_name": "Kesses, UDA",
    "speaker_title": "Hon. Julius Rutto",
    "speaker": null,
    "content": "The only challenge we ought to speak about is to encourage the CBK to up its game and undertake sufficient research because the risk that has come out of this discussion is how our economy will be protected and the value of our currency, the fiat money that we transact with. Those are some of the issues CBK needs to up its game so that it can protect our legal tender. The current exchange rate between the dollar and Kenya shilling has stabilised at around Ksh128. We should look at how we shall stabilise our currency as we go the virtual way. We are all aware that the other day the Cabinet resolved that there will be no more creation of authorities. The Virtual Asset Service Providers Bill will establish an authority to manage these assets, besides the CBK and CMA that have been managing the security markets in terms of shares, bonds and treasury bills. This sector has a unique characteristic that will require a unique board or authority with sufficient technical knowledge to manage. This authority will require knowledge from CMA, CBK and Financial Reporting Centre (FRC) for the sole purpose of organising the market well and protect consumers. We should not forget that recently we passed the Anti-Money Laundering and Combating of Terrorism Financing Laws (Amendment) Bill in this House that was signed into law. The law ensures that the virtual assets sector cannot be misused to conduct money laundering that I have heard someone calling wash wash to transact illegal money from another country. These are issues that have to be looked at so that we avoid issues to do with money laundering through this particular asset. I support this Bill and appreciate my Chairman for providing leadership, Hon. Kimani Ichung’wah, and my colleague Members of the Committee. It was a very difficult subject, but I am happy we are here. However, I need to note that we had a challenge. I appreciate our team of legal staff. The drafters of this Bill, the National Treasury gave us a Bill that would make you sorry. I do not know who drafted it. I am not aware whether the Attorney-General looked at it or not. It had many repetitions, inconsistent words and words that could not be legalised. During the Committee of the whole House when the Chairman will be moving, we will note and appreciate amendments in almost all clauses. We urge them to prepare Bills well before they submit them to this House. It is a lot of work to redraft a Bill instead of looking at the issues raised by stakeholders and moving forward with a Bill that is well organised. Thank you very much, Hon. Temporary Speaker."
}