Bitcoin Helps Kenya as Tax Regulators Crack Down on Small Business
Tax authorities in Kenya have fixed eyes on the country’s thousands of kiosks in its latest round of anti-tax evasion measures. The public reaction so far, however, has been strong. Kenya Targets ‘Informal Sector’. Kenya has a high proportion of unbanked citizens, but also mobile micropayment transactions among the world’s highest. The country also....
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By conducting in-person inspections of all physical locations and kiosks, the KRA shows they are not messing around. The financial situation in Kenya is slowly spiraling out of control. Small business owners are once again being targeted by the local Revenue Authority. Owners of a kiosk may find themselves forced to pay tax very soon, and door-to-door inspections to ensure tax compliance will be conducted. Another big boon for Bitcoin adoption, or a sign of more worrisome things to come? Anyone who owns a kiosk in Kenya for their small business may find themselves n a bit of a pickle. The....
Switzerland’s largest bank, UBS, has advised investors to “stay clear” of cryptocurrencies and “build their portfolio around less risky assets.” The UBS analysts warned that “Regulators have demonstrated they can and will crack down on crypto.” UBS’ Crypto Advice and Warning The global wealth management team at UBS warned in a note published last week that regulators worldwide, particularly the U.S. and the U.K., will impose tougher cryptocurrency regulations. Citing that “China’s latest crackdown — extending to miners,....
Last April, CCN reported that the good people of Worldcoin had successfully crowdfunded a new well near Musoli, Kenya, despite extreme difficulties due to the price of that particular coin dropping dramatically. As you may remember, thanks to project leader Brandon Brown, the remaining funds were raised by his matching subsequent donations coin-for-coin. Those who contributed to the campaign and those who believe in the role of cryptocurrencies in the developing world will be happy should know that as of December, the well began construction. And not long after that, on 26 January, the....
When thinking about the future of money, many of us now invariably have thoughts about bitcoin. Where is it going? What role might it play in our financial lives? No matter what you think about it, bitcoin is great for starting a debate on where digital money is heading. Africa is a place where bitcoin has major potential. But what you might not realize is how important electronic money already is to countries there such as Kenya. First, a little economic information about this East African nation. Kenya is one of the region's largest economies with a GDP of $41 billion dollars. Fifty....
In his Africa crypto market predictions for 2022, Marius Reitz, the general manager for Luno in Africa, has predicted that Kenya will scale up the adoption of cryptocurrencies. To support this assertion, Reitz points to Kenya’s as position as the leader in the world’s peer-to-peer (P2P) traded volumes for the second year running.
Kenya’s Booming Crypto Market
Kenya is set to lead the world’s peer to peer cryptocurrency market for the second consecutive year, Marius Reitz, the general manager (GM) for Luno cryptocurrency exchange in Africa, has....