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{
    "id": 1583395,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583395/?format=api",
    "text_counter": 353,
    "type": "speech",
    "speaker_name": "Seme, ODM",
    "speaker_title": "Hon. (Dr) James Nyikal",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker. I rise to support this Bill and give a bit of caution. Today, we talk of E-commerce, digital currency, virtual assets, and we are already doing virtual money transfers. We are setting up digital hubs in our constituencies to enable our young people to earn some income. The revolution in the economy and commerce is upon us, and our youth have deeply invested in this. They create TikTok videos digitally and receive their payments virtually. We cannot ignore this revolution. The reality is that some individuals are involved in the digital assets market as both providers and consumers and are earning from it. The sad bit about this is that we lack regulation in this sector. This trend is not going to stop anytime soon. I support this Bill because it provides for the regulation of the sector. The CBK has cautioned us about these virtual assets but has not deemed them wrong. This Bill establishes a regulatory framework, identifying the necessary authorities, though many of us feel we need to set up a specific authority. We can discuss this further in the Committee of the whole House. The Bill also outlines licensing requirements, detailing who does what, where, and how, which is necessary. It addresses the risks associated with cyberspace, such as money laundering, financing terrorism, fraud, data protection, and cyber security. Hon. Temporary Speaker, we live in a country with two layers of people. Some people are left behind. Public education is extremely important in this area. My mother and peers, and even some of us, are not engaged in the digital world. We need to bring them in. Even with regulation, this group remains at risk of being conned. We must educate them. Additionally, we need to ensure we have effective internet infrastructure. I am particularly concerned because I supported the University Funding Model in principle. Universities should be supported based on their numbers and courses. Where we went wrong is in lacking the internet infrastructure needed for means testing, which caused the incorrect bands. The Chairperson is present and I hope that we will put in place a proper education system for the public for these virtual assets. When we introduce these new ideas, we are not the target audience because we can educate ourselves. Our focus should be on the people in rural areas. How will they be connected and how will they benefit from this? Currently, we have issues in the social protection department with the elderly accessing their funds. We even provide them with phones, yet they still struggle to access their money. We need to educate the people from the ground up. This approach will take the country far. If we do not educate them, then this initiative will fail. If only a few people are using it, and even if they face challenges, interest will wane. The electronic version of the Official Hansard Report is for informationpurposes only. A certified version of this Report can be obtained from the Hansard Editor."
}