We have spoken to some of these traders, and some have already broken their ribs in laughter, laughing at the lame attempts.

It is like betting companies. They use online platforms. If we strangle Sport Pesa with taxes, like Midiwo wanted, they will relocate to British Virgin Islands, a tax haven. Yet, people will continue plying their betting craze in their platform.

Policy making in a globalised digital economy is a tricky thing. Key assets entail the intangibles, fluid things to keep taps on.

Upon the physical Forex Bureaus, death is reckoning. Death is also hunting the brick and mortar commercial banks: for how will they survive the onslaught of shadow banking?

We don’t have to use currency. We can Bitcoin. We won’t take loans. We will crowd fund and peer lend.

And why would the CMA be the one to regulate forex traders?

Currency trading is a regime in the Money Markets. The Central Banks are the regulators of money markets. The CMA should only be concerned with long term securities. We of late have been suffocating CMA with more than they can chew.

The Companies Act (Good that Acts of Parliament have not copyrights, we would have been sued for plagiarism) said CMA has to regulate all mergers of public companies. We forgot we have the Competition Authority. And How would handle such a huge mandate? These demons need urgent exorcism.

Is this a vote of no confidence against our central bank?

Maybe yes. As we shall later argue in this series, Central banks are imposters; Irrelevant. The economy can survive without central banks. No central bank has ever prevented a financial crisis. Central banks will not prevent the next crisis, the one to be triggered by shadow banking. The days of central banks are numbered.