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{
"id": 1582992,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582992/?format=api",
"text_counter": 315,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "Assets based on perceived value have their challenges. I am a pastoralist. We do not have credit balances in conventional accounts. Our wealth is on the hooves, in the number of cows and camels we have. When you expose us to another world, another economy where wealth is thought of in billions, which is abstract to us, there will be a serious gap. This is a pastoralist participating in cryptocurrency in a digital world. However, if well implemented, and if the pastoralist community is brought up to speed through capacity building, it can offer serious benefits and help manage the risks. We have been solely dependent on one mainstream livelihood: livestock keeping. I am sure that with this, we will diversify our economy as pastoralists. We will be able to access markets in a unique way, if only the educational gap is addressed. We are talking about accessing markets beyond livestock markets and accessing digital financial services. Already, pastoralists use mobile money services such as M-Pesa on their small phones, which act as a form of saving. When they lose livestock, they at least have some money in their M- Pesa accounts. If this is well done, we will take it a notch higher. Pastoralists will be able to access insurance products on digital platforms, if properly done."
},
{
"id": 1582993,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582993/?format=api",
"text_counter": 316,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "The compound effect of this is that we will be able to mitigate the impacts of drought, diseases and cushion livestock from market fluctuations. However, if implemented, this issue is laden with bigger risks. As I said, I am a pastoralist. I live in a physical world where I want to feel my asset. This is my camel or my cow, and I enumerate them by number but here we 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."
},
{
"id": 1582994,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582994/?format=api",
"text_counter": 317,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "are talking about billions, colossal amounts of wealth, that are not visible to us. One of the key risks is volatility in value. Today, you may be told your asset is worth Ksh1 billion. An hour later, things change. When you talk about assets with regulated volatility, you begin to question the value of your asset. Is it worth investing in such a volatile business? Security is another issue. There is so much vulnerability. Regulating it is cumbersome and very expensive. As a country, are we truly prepared at that level, in terms of ICT knowledge, to ensure security? Can we ensure that security risks are managed and controlled?"
},
{
"id": 1582995,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582995/?format=api",
"text_counter": 318,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": "Hon. Temporary Speaker, then there is the theft of keys or what they call passwords. These can be hacked or stolen. For instance, you sell all your camels, invest in the digital economy, and the next day you are told your keys have been stolen and all your assets are gone. You have to start from scratch. We have that challenge. There is also the issue of fraud. Some countries are too advanced that they can transfer all your money from your account to theirs. Fraudsters and scammers must be dealt with in a serious way. There is also the issue of illicit activities. We used to talk about money laundering to finance terrorism."
},
{
"id": 1582996,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582996/?format=api",
"text_counter": 319,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " On a point of information, Hon. Temporary Speaker."
},
{
"id": 1582997,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582997/?format=api",
"text_counter": 320,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Saney, would you like to be informed by the Chairman of the Committee?"
},
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"id": 1582998,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582998/?format=api",
"text_counter": 321,
"type": "speech",
"speaker_name": "Wajir North, UDA",
"speaker_title": "Hon. Ibrahim Saney",
"speaker": null,
"content": " Yes. I prefer that, only that I fear being distracted in terms of continuity. I accept, Sir."
},
{
"id": 1582999,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1582999/?format=api",
"text_counter": 322,
"type": "speech",
"speaker_name": "Molo, UDA",
"speaker_title": "Hon. Kuria Kimani",
"speaker": null,
"content": " Hon. Temporary Speaker, I would like to inform Hon. Saney. I am really liking the contribution he is making and that is the whole objective of this Bill: to regulate that particular space. When a pastoralist sells his cows and trades in these virtual assets and loses all their money and has no recourse, this Bill, once passed by this honourable House, will provide a legal framework. The pastoralist can recover their money through the measures set out in this Bill. Thank you, Hon. Temporary Speaker."
},
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"id": 1583000,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583000/?format=api",
"text_counter": 323,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Hon. Ibrahim Saney spoke off the record)"
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"id": 1583001,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583001/?format=api",
"text_counter": 324,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " For the interest of the Chair, does that include the volatility in the markets? The stock exchange is volatile in the sense that today the share price of a company in which you invested in the USA or the UK could drop tomorrow by 50 per cent. Does that cover you against that volatility? Will the provisions in the piece of legislation we are making right now cover those market dynamics?"
}
]
}