UN Expects Blockchain Technology to be part of the Solution against Kenyan Corruption
By Mark L – Cryptocurrency Professional
While cryptocurrency trading is growing steadily in Kenya, The United Nations Drug and Crimes Agency has asserted that the integration of blockchain technology will help fight the rampant corruption present as well as the loss of billions in dollars each year. The implementation of blockchain infrastructures, according to the UN agency, might help gain further trust in governments and encourage the automation and transparency of public contracts.
With the introduction of this technology and the establishment of a government expert team, it may encourage further research into projects such as their own Central Bank Digital Currency (CBDC) and more participation by individuals who buy and sell cryptocurrency.
The UN East African consultant David Robinson advised the Kenyan authorities to utilise this technology to track and monitor cybercrime. In the current bureaucratic conditions, the censorship and manipulation of procurement processes by officials is the biggest cause for government criminal activity. The country’s auditor General recently estimated that approximately Kshs. 1 trillion ($10 billion) is lost each year to corruption. He believes blockchain will help tackle this problem and rebuild trust.
Robinson told the Kenyan government that blockchain is the solution. He stated that its core nature is the ‘tool that can be used to potentially prevent corruption.’ It will ‘protect public registries from fraud and tampering’ he says and will benefit global communities and international organisations.
According to Chainalysis Global Crypto, the country ranks first in Africa and fifth globally for its digital currency adoption and contributions. From corporate firms to agricultural focused start-ups, blockchain use cases and projects are rapidly rising, with more people showing interest in buying Bitcoin or learning about the technology.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards