Following the Central Bank of Kenya’s caution to the public on digital currencies, recent reports suggest that bank accounts of bitcoin and digital currency businesses has been closed in the country.

As a result of this, ICT cabinet secretary Joe Mucheru is unable to dispose of his stakes in Kenya-based bitcoin remittance startup BitPesa, Business Daily reported. He said:

“Due to changes in CBK policy on digital currencies, all bank accounts were closed and the business in Kenya effectively closed,” Mucheru said. “I cannot find a buyer. The sale fell through”.

In December 2015, the Central Bank of Kenya warned the public against using digital currencies such as bitcoin and advised to desist from transacting in Bitcoin and similar products.

“This is to inform the public that virtual currencies such as Bitcoin are not legal tender in Kenya and therefore no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business”, the notice reads.

According to Business Daily, Mucheru quit the board of BitPesa where he was serving as a director, immediately as he sworn into office on December 18, 2015. In January, he had announced that he would offload his minority shareholding in BitPesa.

Mucheru said that the move to exit the board of the firm and sell his shares in firms that are under the ICT ministry are in line with global best practices for public officers.

Launched in 2013, BitPesa is a payment platform that offers individuals and businesses an easy way to make payments to and from sub-Saharan Africa. It accepts digital currency and provides its users with fiat currencies in return. The company currently accepts bitcoin and delivers fiat currency directly to mobile phones in Kenya, Nigeria, Uganda, and Tanzania. It also sells Bitcoin in Kenya, Nigeria, and Uganda.