[2015-12-21] Safaricom wants rules before allowing bitcoin on M-Pesa

Kenyan operator Safaricom says it will not agree to have bitcoin-related transactions on its M-Pesa system unless the virtual currency is authorised by the banking sector regulator, Business Daily reported. CEO Bob Collymore says bitcon, a digital currency used online, would expose M-Pesa to Central Bank of Kenya's (CBK) money laundering penalties.

Collymore said the restriction is to assist the police and CBK's fight against money laundering and the possibility of being used to finance terrorism. Collymore said Safaricom is in a very precarious position as a successful mobile money transfer system and cannot afford to compromise M-Pesa or any other mobile money system.

Although not outlawed, the CBK has issued a statement warning that holders of the bitcoin currency did not have any legal recourse if they lost their money.

http://www.telecompaper.com/news/safaricom-wants-rules-before-allowing-bitcoin-on-m-pesa--1119852

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