Kenya Shuts Down Bank Accounts of Bitcoin Startups, Minister Can’t Sell BitPesa Shares

Kenyan Ministry of Communications and Information Technology minister Joe Mucheru is unable to sell his shares in BitPesa after the federal government imposed tightened regulations on virtual currency.
Mucheru, former director of BitPesa and one of the company’s few shareholders, stated during an interview that Kenyan financial regulators forced financial institutions to shut down the bank accounts of prominent Bitcoin startups such as BitPesa.
Such regulatory policies have disallowed shareholders like Mucheru to sell his stake of the company and have made it that much more difficult for investors to find potential buyers.
Mucheru said:
‘I cannot find a buyer. The sale fell through. Due to changes in CBK policy on digital frequencies, all bank accounts were closed and the business in Kenya effectively closed.’

This post was published at Coin Telegraph on 2016-10-03.

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