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The Kenyan President William Ruto recently revealed that his government has appointed Bitcoin mining company Marathon Digital as its consultant to review its cryptocurrency regime. The U.S.-based Bitcoin miner is reportedly set to discuss electricity usage in cryptocurrency mining with the Kenyan Energy Ministry.
Kenya’s Policy Shift
Kenyan President William Ruto recently announced that his government has requested Bitcoin miner Marathon Digital to review the country’s cryptocurrency regime. Ruto stated that the U.S.-based Bitcoin miner will also discuss electricity usage in cryptocurrency mining with the Kenyan Energy Ministry.
The apparent acceptance of crypto and Bitcoin mining by the Ruto-led Kenyan government seems to be a shift from the stringent approach previously adopted by the Central Bank of Kenya (CBK) and other government entities.
As reported earlier by Bitcoin.com News, the CBK, under the leadership of former governor Patrick Njoroge, consistently cautioned Kenyans against engaging with cryptocurrencies. In one of his most vehement anti-crypto statements, Njoroge reportedly told members of the Kenyan legislature that it would be absurd to consider the CBK converting the country’s reserves to Bitcoin (BTC). He further suggested that he should be incarcerated if he ever agreed to such a proposal.
Since Njoroge’s departure, Kenyan authorities have however been exploring ways to regulate, rather than ban or limit, the use of cryptocurrencies. The authorities have even involved the Kenyan Blockchain Association in the process of drafting crypto regulations. Recently, the government appointed a working group to develop a framework for regulating and monitoring virtual asset service providers.
However, in what is perceived as an effort to sustain momentum, Ruto confirmed at the recently held AMCHAM Business Summit that his government has appointed Marathon Digital as its consultant on matters pertaining to its cryptocurrency regime.
“Marathon Digital has been ushered to consult with Treasury on cryptocurrency regime and ministry of energy to discuss the energy needs in connection with the cryptocurrency mining,” the Kenyan reportedly said.
U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano were among the notable attendees at the business summit. U.S. Ambassador to Kenya, Met Whitman, as well as representatives from Kenyan and U.S. companies, were also in attendance.