Kenya’s President William Ruto recently announced that his government has appointed Marathon Digital, a major U.S.-based Bitcoin mining company, to advise on the country’s cryptocurrency policies and energy consumption for mining activities.
Consultancy and Energy Discussion Between Kenya and Marathon Digital
Marathon Digital is set to collaborate with the Kenyan Energy Ministry to address the energy requirements of cryptocurrency mining, a sector known for its high electricity consumption. This partnership also extends to consultations with the National Treasury regarding the cryptocurrency regime in Kenya.
Under the former governor of the Central Bank of Kenya (CBK), Patrick Njoroge, the country maintained a critical view of cryptocurrencies. Njoroge was notably skeptical about integrating cryptocurrencies into Kenya’s financial system, even suggesting severe personal consequences should such integration occur under his governance. However, following his departure, there has been a noticeable change in exploring regulatory frameworks that can accommodate the use of cryptocurrencies rather than outright banning them.
The Kenyan government’s engagement with Marathon Digital comes after previous measures to involve local stakeholders like the Kenyan Blockchain Association in drafting new crypto regulations. This includes forming a dedicated working group to create a framework for regulating and monitoring virtual asset service providers.
Details from the Business Summit
The announcement was made at the American Chamber of Commerce Kenya Business Summit, attended by notable figures including U.S. Secretary of Commerce Gina Raimondo and U.S. Ambassador to Kenya, Met Whitman, alongside various representatives from Kenyan and U.S. companies.
President Ruto highlighted the partnership with Marathon Digital during his keynote speech, emphasizing it as part of Kenya’s broader trade and investment engagements with the U.S. and East Africa.
Marathon Digital, one of the top five largest crypto miners globally, brings substantial industry expertise, having established mining operations in multiple countries, including joint ventures in Abu Dhabi and Paraguay.
