The Kenyan government has taken a new approach towards cryptocurrencies by inviting a consultant to review the existing regime, diverging from the previous strict stance upheld by the Central Bank of Kenya (CBK).
President William Ruto disclosed that Marathon Digital Holdings has been engaged to consult with the National Treasury and the Ministry of Energy regarding cryptocurrency regulations.
Marathon Digital Holdings, known for its prominent Bitcoin mining operations in North America, will also discuss energy requirements related to cryptocurrency mining with the Ministry of Energy.
This shift marks a departure from CBK’s 2015 warning against cryptocurrencies like Bitcoin, emphasizing their lack of legal tender status in Kenya and associated risks, including susceptibility to criminal activities like money laundering and terrorism financing.
The President made these announcements during the AMCHAM Business Summit in Nairobi, attended by notable figures such as United States Secretary of Commerce Gina Raimondo and Kenya’s Investment and Trade Cabinet Secretary Rebecca Miano, among others.
