Abstract
Cryptocurrencies as a form of digital currencies have dominated discourse regarding the future of the global financial sector. Debates abound on whether they really amount to currencies or rather just commodities; the utility that can be derived from their underlying technology; the risks they pose to conventional commerce and finance and more. This paper delves into these key facets of the cryptocurrencies debate, first by providing an understanding of what cryptocurrencies are and the properties of their much-lauded underlying technology: distributed ledgers. Further, a brief analysis of the currencies and payment systems in Kenya shall be undertaken to frame cryptocurrencies’ acceptability in Kenya’s framework. Specifically, this paper interrogates the question of whether cryptocurrencies may be legally recognized as ‘currency’ in Kenya. The paper also provides a conclusive review of cryptocurrencies’ application in commercial transactions in the Kenyan economy, as well as possible avenues for abuse during such use. This paper then concludes with a summary of observations and recommendations for shaping of possible policy and regulatory approaches in Kenya.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
