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{
"id": 1583012,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583012/?format=api",
"text_counter": 335,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. As I reflected on what to say on this very important Bill generated by my former Committee, I went back to my dictionary and looked at Maslow's Hierarchy of Needs. In that particular diagram, the highest level is self-actualisation. In the Kenyan context today, Hon. Temporary Speaker, you and I are still struggling even to define the traditional financial system dominated by fiat currencies. But for other Kenyans, by the grace of our democracy, have moved ahead. I just want to look at the structure of the Kenyan society, the kind of representation and face that we have. 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": 1583013,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583013/?format=api",
"text_counter": 336,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "Right now, we have moved from the traditional financial asset system dominated by fiat currencies to this virtual asset system that will be dominated by cryptocurrencies, non- tangible tokens, gaming tokens, government tokens and many other activities that are Greek to you and me, who represent a traditional society. This is very good and progressive. However equally, we must also be very careful not to ape what other people have done. We must legislate to conform to the societal needs of the people we represent. That is critical because that is the work of a legislator. I appreciate my young brother here, Hon. Kimani, my former Chairman. He is one astute sharpshooter financial expert. But reflecting on Maslow's Hierarchy of Needs, we are in a completely different world. So, I am conflicted. Should I legislate for the good people of Eldas and bring them to the level of the other Kenyan society? That is why the framers of the current Constitution put an article called Equalisation. Equalisation is doomed and we know it. It has been wasted by groups who have never been sympathetic. When I look at this concept, I find it very good. It will bring about decentralisation and stock market transaction; it will bring about transparency and pseudo-anonymity, where you hide your identity. For example, Farah Maalim will be trending, but nobody will know, and Farah Maalim will be dominating the virtual assets market, but nobody will know. Nobody can see your identity. This is good for protection. However, it can also bring about serious volatility because you do not know the dynamics and you are not in charge. Hon. Temporary Speaker, as we go through this Bill, we also need to look at the regulatory aspects. We have invoked the CMA. I took a bit of time to look at their roles and that of the CBK. They have completely different functions. For avoidance of doubt, the role of CBK is to: 1. Formulate and implement monetary policies. 2. Manage national currency. 3. Supervise and regulate financial systems. 4. Act as a banker of the national Government. 5. Promote financial stability. The role of CMA is to license and supervise market intermediaries that are the different players within the financial system, in their competition, regulatory framework and models of branding. They also look at and promote market products. That is why people compete for a viable, predictable and well-regulated capital market. They also protect investors who trade in bonds and stocks. Having reflected on this Bill, I am persuaded that the right regulatory framework is neither CBK nor CMA. We need to have another agency because we will be trading at another level, where maybe our grandchildren only understand. I will take a bit of time to understand this. Actually, one of my children is a fervent trader of virtual assets. He gives me lectures sometimes. I am still hesitant to adopt this practice because I am not sure. I am a camel herder like Hon. Saney. I value my stock in the number of camels that I have. The Kenyan currency is just a new phenomenon. You have moved me to another level of cryptocurrency, yet I represent people. This must be put into perspective. My able Chairperson has done a bit of public participation, but he still needs to do more that will involve the Members of Parliament that will take us to the level that you are, so that we also appreciate it. Equally, this country is not short of legislation. Go anywhere in 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": 1583014,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583014/?format=api",
"text_counter": 337,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "the world like Japan. The spatial system for Tokyo is borrowed from Kenya. It is the same in Jakarta and London, yet we do not apply the same here. We are very good in book-worming and legislating. However, when it comes to the actual implementation, we degenerate. This Bill is good. Can we dissect it further so that we do not just legislate for a clique of the super- rich whose richness can also be questioned? You know them."
},
{
"id": 1583015,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583015/?format=api",
"text_counter": 338,
"type": "scene",
"speaker_name": "",
"speaker_title": "",
"speaker": null,
"content": "(Applause)"
},
{
"id": 1583016,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583016/?format=api",
"text_counter": 339,
"type": "speech",
"speaker_name": "Eldas, JP",
"speaker_title": "Hon. Adan Keynan",
"speaker": null,
"content": "If we ask them to account for their wealth, very few of them can do it, yet they remain a critical component of the society. That is why we are not developing. The Bill is too generous. In legislation, we must be very careful to legislate for a particular short-term phenomenon. The rich want to circumvent the due process which is clearly established by the existing institutional framework. Any Bill that touches on the financial system of a country must be security tight and properly moderated because a small mistake can cause financial havoc. Without this, the next things are inflation, high cost of living and unpredictable financial consequences. That is why we must be very careful. These are the bits I have borrowed from this book. I am going to subject this Bill, and the different contexts therein, to one critical consultant, who is also a friend of my former able Chairman. He will look at it further and see the amendments that we can introduce so that the Bill becomes beneficial for everybody. The most developed economies, like America, are struggling to define cryptocurrency. I have followed the debate in Turkey. Turkey is the seventeenth-largest economy in the world. They are yet to find a description of whether it is legal, financial or political. Chairman, and good Committee Members, this is a good first step. Can you now begin thinking about the other aspects of this Bill, so that we do not draw our country into a global phenomenon, for which we are not properly prepared? Finally, our work is to legislate. We are leading a struggling community. The Kenyan community is struggling right now. They are overburdened by circumstances beyond their control, and you know it. And we are their representatives. Everything that we do must consider their well-being. Their well-being is about basic needs and how to overcome the day-to-day struggles. Their basic needs include how to take their children to school, access decent transport, and obtain decent shelter. All these matters must be part of our collective legislative framework. Broadly speaking, I support. Specifically speaking, there is need for further research. Thank you."
},
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"id": 1583017,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583017/?format=api",
"text_counter": 340,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Esther Passaris."
},
{
"id": 1583018,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583018/?format=api",
"text_counter": 341,
"type": "speech",
"speaker_name": "Nairobi City County, ODM",
"speaker_title": "Hon. Esther Passaris",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker. I rise to support the Bill, but also urge this House to strengthen it. Concerns raised by Hon. Keynan are genuine and must be addressed. We have seen, first-hand, what happens when digital finance operates without oversight. Crypto Bridge Exchange (CBEX), a so-called cryptocurrency platform, promised and guaranteed returns using flashy language and artificial intelligence trading bots. It lured thousands of Kenyans, many of them young people and first-time investors, and then one day it vanished. It left behind a trail of financial ruin, and no one was held accountable. I was one 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": 1583019,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583019/?format=api",
"text_counter": 342,
"type": "speech",
"speaker_name": "Nairobi City County, ODM",
"speaker_title": "Hon. Esther Passaris",
"speaker": null,
"content": "such investor in the CBEX platform. Tomorrow is the day that many young Kenyans, who invested in CBEX and were able to pay the US$100, were told they had to pay to recover their money, and to verify their accounts, are waiting to make withdrawals of their principal amounts. When I got into the CBEX platform, introduced by a young Kenyan, I found Kenyans who were speaking very highly of it. They had made big money. I have a friend called Lydia, who I met on the platform. Lydia managed to educate her children and even bought her mother a house, all through crypto. Others are actively trading in crypto, and are the same people who buy or sell crypto using the Binance platform. Unfortunately, because there is no regulation and there is no law, sometimes when their bank accounts are hit with large sums of money, they are frozen. Then they have to go around trying to find paperwork and appease the banks. But then again, there is a vacuum that allows people to operate in the wrong way instead of the right way. As we strengthen the law, let us find a mechanism to protect the consumer. Let there be a compensation fund, contributed to by all Virtual Asset Service Providers, so that when a platform collapses or commits fraud, Kenyans might have a form of recourse. Let us prohibit the advertisement of guaranteed returns or unverifiable artificial intelligence claims that mislead the public. If you go to Facebook right now, you will see numerous AI-generated adverts showing former President Uhuru Kenyatta, saying, ‘I found a way for Kenyans to make money. Invest Ksh32,000, and you will get a return of Ksh500,000.’ Hon. Temporary Speaker, I have seen them shamelessly using the sitting President. They use a media personality in an interview and thereafter show the current President sitting on a chair appealing to Kenyans to invest in this platform. I warn Kenyans that most of these things are fraudulent. These are people trying to scam you. Be very careful to avoid being scammed by AI generated advertisements. It is very dangerous. The law and the Bill also have to prohibit advertising of guaranteed returns or unverified AI claims that mislead the public. We also need to tackle pyramid, style and referral schemes that disguise as investment opportunities. China Beijing Equity Exchange (CBEX) was one such scheme where people were recruiting others. It was not for trading, transparency, and innovation, but exploitation. The Bill needs to incorporate a financial reporting centre that can publish a blacklist of unlicensed platforms and protect whistleblowers who come forward with information. The Bill should ensure they are not silenced. Many of these schemes operate across borders. The Bill should also include provisions for international cooperation with bodies like the International Criminal Police Organisation (Interpol) and Nigeria's Economic and Financial Crimes Commission (EFCC) to trace and recover stolen funds. If we cannot do that, people will lose money when they join these online platforms even though we have laws in Kenya. Lastly, we must also require annual audits and quarterly disclosures. We should enforce the know-your-customer rules to prevent anonymous abuse. The public deserves absolute transparency. Finally, Hon. Temporary Speaker, let us commit to public education on virtual assets. Innovation is welcome but only when Kenyans are equipped with knowledge and protected by law. The Bill should not only enable the future of finance but must also defend people 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": 1583020,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583020/?format=api",
"text_counter": 343,
"type": "speech",
"speaker_name": "Nairobi City County, ODM",
"speaker_title": "Hon. Esther Passaris",
"speaker": null,
"content": "from its worst abusers. Let us ensure that what happened with CBEX and many other collapsed platforms that have created fear in our community never happens again. With these critical amendments, I support the Bill. Since I still have time, let me say something before I sit down. Tomorrow is 25th of June. It is the anniversary of the Gen Z uprising of last year. I have seen so many videos and calls for people to come out and demonstrate. My county always ends up with bloodshed, people losing their property and politicians mobilising people to exploit their poverty. I appeal to Kenyans because I have heard them. We are all very sympathetic towards all the families who lost their loved ones during the Gen Z uprising last year. The country will do whatever it takes to ensure we have reparation. The country will also do whatever it takes to ensure we have the police reforms we need. Many Gen Zs say that the memory of 2024 should never die. However, I want them to understand something. They might have lost their confidence in politicians or in the Government on online platforms. However, not all Kenyans have lost confidence in Government. As representatives of the people, we are serving Kenyans out there. Gen Zs cannot lose confidence in God Almighty. There is something wrong with their movement if they have lost confidence in God Almighty. While they say they are leaderless, I want to offer them leadership. If it is really for the memory of those who lost their lives, if it is really for the desire to have a well-governed country, why not occupy churches, temples and mosques tomorrow and pray to the Almighty for the lost souls? It should not just be for those who lost their lives during the Gen Z uprising but throughout the struggle for Independence and a well-governed country. They show that they are a peaceful lot if they do that. They should not be infiltrated because one right cannot negate another. You actually negate the right of people to do their business when you come out to demonstrate. All the businesses in my county end up closed and unable to trade. The businesses lose profits and employees lose jobs. Why should rights of Gen Zs be prioritised over those who actually require jobs and make profits? The Government needs taxes. My appeal is that if we are sincere that we care for the future of this country, having lost confidence in the Government as people have said with chants of “Ruto must go” – he is not going anywhere because he was constitutionally elected to serve in that position – the Gen Zs should occupy our spiritual spaces peacefully and pray for the nation. We cannot say that we have lost confidence in God who provides the life that we are fighting to protect. My appeal to the police tomorrow is… I know that the police are sometimes challenged. I see the Gen Zs taunting them. We should remember that we have one policeman for 500 plus citizens. Tomorrow we should have respect for the law that we say is not serving us. I appeal to Kenyans tomorrow to come out and pray for the nation and demonstrate peacefully. I also ask the police to exercise restraint so that no other life is lost tomorrow. I support. Thank you."
},
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"id": 1583021,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583021/?format=api",
"text_counter": 344,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Naomi Waqo. She will be followed by Hon. Nyikal and Hon. Jematiah."
}
]
}