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{
    "id": 785614,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/785614/?format=api",
    "text_counter": 93,
    "type": "speech",
    "speaker_name": "Hon. Musimba",
    "speaker_title": "",
    "speaker": {
        "id": 1804,
        "legal_name": "Patrick Mweu Musimba",
        "slug": "patrick-mweu-musimba"
    },
    "content": "Let me move to the arena of blockchain technology. If we do not have an enabling law, blockchain technology has the capacity of bankrupting our nation flat. We saw such examples in the 11th Parliament when we debated the betting laws. We slapped hefty taxes on them. The money in blockchain technology in Kenya will be earned in Kenyan shillings, but the people who invest in such an industry live abroad. So, what do they do when they are appropriating money out of this country? It leaves at a click of a button in foreign currency, which we only earn as a nation through exports, and that is limited. It is the same thing with the rise of blockchain technologies. We have to be careful because it converts our entire monetary system to run on a parallel level at a magnitude which is three or four times our capacity. What will it do to our money supply systems? It will endanger the valuation our nation sits on. So, we must be careful."
}