20 Dec '15, 6pm

bitcoin

Safaricom CEO Bob Collymore has said the telecommunications giant will not agree to have bitcoin-related transactions on its M-Pesa system unless the virtual currency is authorised by the banking sector regulator. SHARE THIS STORY Tweet Mr Collymore says the bitcon, a digital currency used online, would expose M-Pesa to Central Bank of Kenya’s (CBK) money laundering penalties. The Safaricom boss said in an interview that the restriction is to assist the police and CBK’s fight against money laundering and the possibility of being used to finance terrorism. “We’re in a very precarious position as a successful mobile money transfer system. We cannot afford to compromise it (M-Pesa) or any other mobile money system and we have to work with CBK, which is clear in its regulations,” said Mr Collymore. Although not outlawed, the CBK last week issued a statement warning that holder...

Full article: http://www.businessdailyafrica.com/Corporate-News/Collymo...

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