Regulation of digital currencies in Kenya: an analysis on the recognition of cryptocurrencies
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Cryptocurrency is a representation of value 1 that exists on a digital platform and is transmitted through computer systems. It can serve the traditional uses of money. That is, it can be used as a means of exchange. It can also serve as an accounting unit and a store of value 2 . The distinction here is that, unlike traditional currency, it does not have the status of being legal tender in any territory 3 . Despite this, it can serve the traditional purposes of money because it has acceptance within the digital community 4 . Just like traditional currency, there are many kinds of digital currency. Some of these are bitcoin, ethereum, amongst others.