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Monday, 4 December 2017

3 Kenyans Face Jail Term For Selling Bitcoin

One of the fundamental aspects of money is that despite its origin it can be used (Pecunia non olet)  which  is
also called fungibility.

That is, one should not face charges for accepting ill gotten funds for offering a service or a good; the origin isn't his business!
The Principle is now under question when 3 kenyans, bitcoin traders unknowingly dealt with an alleged criminal and are now facing felony charges.

Emma Kariuki, Stanley Mumo and Timothy Gachehe were charged before the Kenyan Federal Court on conspiracy to commit a felony.

According to a news report,  they denied any involvement in the heist. Apparently they had been trading BTC for local currency equivalent on localbitcoins for the past 5 years and the transfers were from the alleged robber. It appeared to be just another deal to them though, and they even provided chat transcript showing that they traded 1.2 to localbitcoin user BADASS20 for the stolen loot.

If they are found to have unknowingly aided the Criminal to evade justice and are convicted,  it would create a chilling effect for Bitcoin users in Kenya. Bitcoin has really benefitted many users in Kenya and has been described as " the biggest wealth distribution system ever".

READ ALSO - Venezuela Plans To Release National Digital Currency

What do you think about this development?  If it were you, how would you present your case? Do you think they'll be convicted? 

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