Kenya Partners with Marathon Digital to Refine Cryptocurrency Policies

In this post:

  • President William Ruto announced that Marathon Digital, a U.S.-based Bitcoin mining company, will consult with Kenya on its cryptocurrency policies and energy consumption for mining.
  • The consultation marks a shift from Kenya’s previously cautious approach to a more regulatory and inclusive cryptocurrency strategy.
  • Marathon Digital will collaborate with both the Kenyan Energy Ministry and National Treasury, reflecting the country’s move towards integrating digital currencies into its economic framework.

The President of Kenya, William Ruto, announced that his government has recently commissioned Marathon Digital, a leading American Bitcoin mining company, to advise his country on their cryptocurrency’s policies and the energy consumption demanded by the mining process. 

Consultancy and Energy Discussion Between Kenya and Marathon Digital

Marathon Digital is going to partner with the Kenyan Energy Ministry to solve the energy needs of cryptocurrency mining, a field that is known for its high electricity consumption rate. This collaboration also involves consultations with the National Treasury on the hypothesis of cryptocurrency in Kenya. 

During the tenure of the former governor of the Central Bank of Kenya (CBK), Patrick Njoroge, Kenya had a critical stance on cryptocurrencies. Particularly suspicious of cryptocurrency integration into Kenya’s financial system, Njoroge went as extreme as suggesting harsh personal retribution should such integration happen while he was in power. Nevertheless, after his exit, there has been a shift in the exploration of regulatory frameworks that may allow for the use of cryptocurrencies in place of completely banning them. 

The Kenyan government’s participation in the firm, Marathon Digital, is a follow-up to earlier attempts to include local stakeholders such as the Kenyan Blockchain Association in the formulation of new crypto laws. This involves the formation of a special working group to develop a framework for the regulation and supervision of virtual asset service providers. 

During the meeting with American Investors, President Ruto said:  “Marathon Digital has been ushered to consult with the Treasury on the cryptocurrency regime and Ministry of Energy to discuss the energy needs in connection with the cryptocurrency mining.”

Details from the Business Summit

The declaration was made during the American Chamber of Commerce Kenya Business Summit, which was graced by distinguished personalities such as the U.S. Secretary of Commerce, Gina Raimondo, the U.S. Ambassador to Kenya, Meet Whitman, and representatives from Kenyan and U.S. companies. 

In his keynote address, President Ruto mentioned Marathon Digital as a partner and part of Kenya’s trading and investment engagements with the US and East Africa. 

Being one of the five largest crypto miners in the world, Marathon Digital provides extensive industry expertise. It has established mining operations in many countries, including joint ventures in Abu Dhabi and Paraguay.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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