NAIROBI - There is a new way to send money to and from Kenya by way of the virtual currency bitcoin.
While the company, Bitpesa, charges fees significantly lower than traditional money transfer services, some worry
that the lack of regulation around bitcoins could put transactions at risk and open the way to criminal activity.
The bitcoin has been around for six years. It is a decentralized, digital currency, meaning it only exists electronically and there is no regulation or oversight by any bank or financial institution.
A Kenyan start-up called Bitpesa now allows people to send money into and out of Kenya through Bitcoin exchange. The company said in just two years, the number of registered users has grown to 4,000.
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