28 Sep '16, 7pm

Bitcoin firms investors stuck with shares after CBK ban

Kenya’s tough stance on digital currencies such as bitcoin has left investors such as ICT cabinet secretary Joe Mucheru unable to dispose of their stakes in companies dealing in the virtual cash. SHARE THIS STORY Tweet Mr Mucheru in January announced that he would offload his minority shareholding in BitPesa, but the share sale coincided with the banking sector regulator’s warning to the public against use of cryptocurrencies such as bitcoin. The Central Bank of Kenya (CBK) in a stern notice dated December 15, 2015 cautioned that “Bitcoin and similar products are not legal tender” and ordered the investing public to “desist from transacting in Bitcoin and similar products.” The planned divestiture, meant to cure a possible conflict of interest, is now on ice as the ex-Google executive says he has not found a buyer of his shares. “Due to changes in CBK policy on digital fre...

Full article: http://www.businessdailyafrica.com/Corporate-News/Bitcoin...

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