Kenya’s Interior CS Suggests Cryptocurrency Ban
Due to the opacity of cryptocurrency transactions, the government is skeptical about permitting their use in the country.
Prof. Kithure Kindiki, Interior Cabinet Secretary, disclosed this and cautioned that cryptocurrencies could be used not only for money laundering but also to fund terrorism.
Speaking while appearing before the National Assembly Ad-hoc committee headed by Gabriel Tongoyo to investigate the activities of Worldcoin in the country, CS Kindiki stated that there are currently many gray areas in the law that permit the use of digital currency in the country.
“’ I need to be convinced as a security minister, that if there are grey areas and we can’t pinpoint the owners of the money and how they have made that money at the crypto trade level until the money finds its way into a financial institution, then at the risk of being accused of being at war with commerce and technology, I would be reluctant to allow it in the country,” Kindiki told members of the committee.
In addition, he disclosed that the American owners of the Worldcoin company and its partner, Tools for Humanity, had been prevented from leaving the nation, but that the American government intervened.
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“They tried to leave the country but were stopped and put in custody but the US government intervened saying they would be allowed to leave because they haven’t yet been found guilty, but gave an undertaking that it will produce them when required,” Prof. Kindiki noted.
The head of the Department of the Interior also pledged to hold accountable anyone involved in allowing Worldcoin to operate illegally in the country.
“Anyone in government or out of government, in the private sector or public sector who it’s established aided, supported, encouraged or even attempted to support any of those things about Worldcoin, we will hold them accountable,” he said.
The CS also insisted that no government official is shielding the proprietors of Worldcoin and its activities in Kenya, promising that action will be taken once investigations are complete.
“No one is immune, nobody is excluded, if you are found on the wrong side of the law, action will be taken, even if it’s me as the security minister, I will take responsibility,” he said.
The committee has until September 28, 2023, to submit its findings in a report.
Kenya’s Interior CS Suggests Cryptocurrency Ban
