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Currencies

Nairobi to host seminar on trade in digital currency

Bitcoin. FILE PHOTO | NMG
Bitcoin. FILE PHOTO | NMG 

Investment analysts will host a three-day regional workshop on cryptocurrencies, blockchain and forex online trading amid debate on the legitimacy of digital currencies.

The Nairobi workshop to be held on May 22 to 24 targets investment officers, forex online traders, investment bankers and stockbrokers, fund managers, transaction advisers, real estate practitioners and policy makers.

“It is important that we have a clear industry guideline on these issues so that our members can be able to advise investors and also offer a lead in legislation and policy formulation in these subjects,” said Job Kihumba, chairman Institute of Investment and Financial Analysts (Icifa).

Currently, there are no guidelines or legislation on how trading in forex online or dealing in cryptocurrencies should be done.

The Central Bank of Kenya has on several occasions warned on the risks of investing in digital currency that is not a legal tender in Kenya.

The Capital Markets Authority has proposed creation of a special unit comprising financial sector watchdogs to regulate the use of cryptocurrencies.

Icifa was created in 2015 by an Act of Parliament to promote professionalism among investment and financial analysts.

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