Kenya’s government plans to impose a 3% tax on cryptocurrency transfers in order to decrease the nation’s budget deficit and increase domestic revenue.
When it comes to the adoption of cryptocurrencies on the African continent, Kenya is a leader. Bitcoin, according to Central Bank Governor Patrick Njoroge, may be the answer to the country’s difficulties with its declining official currency.
Kenyan lawmakers may impose a 3% tax on the trade or transfer of cryptocurrencies, while a 15% surcharge may apply to those who create monetized online content.
The suggestion is a component of a recently created bill that could improve the country of Africa’s financial situation. In order to encourage economic growth, President William Ruto wants to increase tax receipts to 5 trillion shillings (about $37 billion) over the course of five years.
If the Kenyan parliament approve, the measure will take effect at the start of July. In the first 365 days, the nation anticipates revenue of almost $21 billion, or 14% more than what is predicted for the current fiscal year.
