Kenya to Collaborate with Marathon Digital on Cryptocurrency Framework

In a pivotal move, Kenyan President William Ruto has enlisted Marathon Digital, a prominent U.S.-based Bitcoin mining firm, to revamp the nation’s cryptocurrency guidelines. This consultation will focus heavily on the electricity consumption involved in crypto mining, discussions for which are set to occur with the Kenyan Energy Ministry. *reference1

The engagement signifies a major policy shift as Kenya moves away from previous restrictive measures imposed by the Central Bank of Kenya under its former governor, Patrick Njoroge. Njoroge was known for his stringent stance against integrating cryptocurrencies like Bitcoin into the national financial reserves, arguing that such a move would be nonsensical.

The current administration appears to be taking a more inclusive approach by not only regulating but actively integrating cryptocurrency operations within the national framework. This has included dialogues with the Kenyan Blockchain Association and the formation of a dedicated working group to oversee virtual asset service providers.

This strategic alignment was confirmed during the recent AMCHAM Business Summit, attended by figures such as U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano. The appointment of Marathon Digital underscores Kenya’s commitment to fostering a balanced and forward-thinking cryptocurrency ecosystem.