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{
"id": 1583382,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583382/?format=api",
"text_counter": 340,
"type": "speech",
"speaker_name": "Hon. Farah Maalim",
"speaker_title": "The Temporary Speaker",
"speaker": null,
"content": " Hon. Esther Passaris."
},
{
"id": 1583383,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583383/?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": 1583384,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583384/?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": 1583385,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583385/?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."
},
{
"id": 1583386,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583386/?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."
},
{
"id": 1583387,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583387/?format=api",
"text_counter": 345,
"type": "speech",
"speaker_name": "Marsabit County, UDA",
"speaker_title": "Hon. Naomi Waqo",
"speaker": null,
"content": " Thank you, Hon. Temporary Speaker for allowing me to add my voice to this very important Bill, the Virtual Asset Service Providers Bill. I want to congratulate all the Members of Parliament who have contributed to 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": 1583388,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583388/?format=api",
"text_counter": 346,
"type": "speech",
"speaker_name": "Marsabit County, UDA",
"speaker_title": "Hon. Naomi Waqo",
"speaker": null,
"content": "the Bill. I want to confirm that I support the Bill. It is a forward looking and transformative piece of legislation. The world is growing very fast. It is becoming a small village and we cannot be left behind as a country. The young people of this country are very creative, innovative and passionate, and they are moving faster than us. That is why today I support the Bill. It balances the need to embrace technology and innovation with responsibility of safeguarding our financial system. Any investor will want to be assured of safety. He will want to know that his investment is well safeguarded. The Bill is providing that. As we know, Kenya is leading in many areas, especially in this region where we have been leading and we will continue to lead. We want to be always leading from the front and to be a good example to others. Once this piece of legislation is operationalised, we will set a good example in the region. We will continue to invest and encourage our young people so that we can grow as a country. The Bill enhances financial inclusion. That is what Kenyans want. Even if financial inclusion is there, we must make the Bill relevant to every part of this country. Some of our business people are not well educated and may not be exposed to technology. If we can do capacity building and create enough awareness on this Bill by educating Kenyans, it will be of great benefit to us as a nation. The Bill will streamline cross border remittance and drive digital investment. It is the only Bill that can promote our M-pesa today. We are already doing very well as a country and we are proud of our young investors who came up with the M-Pesa idea. As a result of that, even if you are in the remotest part of this country today, as long as there is good network, you can transact with M-Pesa and do business. Before, as politicians, we used to struggle because we could not always have enough cash. Today, with M-Pesa, you can easily do your transactions. You can access your money regardless of where you are."
},
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"id": 1583389,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583389/?format=api",
"text_counter": 347,
"type": "speech",
"speaker_name": "Marsabit County, UDA",
"speaker_title": "Hon. Naomi Waqo",
"speaker": null,
"content": "We also know very well that Kenya has increased adoption and use of virtual assets, particularly in payments and investments. We need to promote and grow this so that, from the comfort of your house, you are able to transact business. Sometimes, even when business people are in hospital beds, they can do many things as long as they are in their senses, something that was impossible previously."
},
{
"id": 1583390,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583390/?format=api",
"text_counter": 348,
"type": "speech",
"speaker_name": "Marsabit County, UDA",
"speaker_title": "Hon. Naomi Waqo",
"speaker": null,
"content": "Our young people are very innovative, but the majority of them are unemployed. This Bill will give them hope and the opportunity to get employed. Our role is to make sure that we give every Kenyan an opportunity to know about this Bill and put it into action."
},
{
"id": 1583391,
"url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1583391/?format=api",
"text_counter": 349,
"type": "speech",
"speaker_name": "Marsabit County, UDA",
"speaker_title": "Hon. Naomi Waqo",
"speaker": null,
"content": "As I conclude, I echo Hon. Passaris' noble call to the nation. That is what we all need to do as a country. As I meditate on 25th June 2024, and putting into consideration what might happen tomorrow, my heart is troubled. As a mother to teenagers, and looking at the spirit that is in our nation, I sympathise with the young generation of this country."
}
]
}