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Kenya Turns to US Bitcoin Mining Giant Marathon Digital for Crypto Regime and Mining Consultation
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Kenyan President William Ruto has appointed Marathon Digital, a leading US Bitcoin mining company, to provide consultancy services on the country’s crypto policies and energy requirements associated with crypto mining, according to Kenyan Wall Streeta local digital media company focused on business and finance.
With this appointment, Marathon Digital and Kenya’s National Treasury and Ministry of Energy will collaborate and discuss energy needs for crypto mining, President Ruto announced the partnership at a meeting with American investors in Nairobi last week.
Additionally, the US mining leader will support the government in developing a framework for cryptography in Kenya.
Starting as a patent holding company, Digital Marathon has turned into a major player in the crypto mining space, with focus on Bitcoin, since 2021 under its new leadership and strategic direction. The company is one of the largest Bitcoin miners in North America.
State of Digital Assets in Kenya
Kenya currently lacks clear regulations for crypto trading and usage despite being one of the leading African countries in crypto adoption and usage. Chainalysis’ 2023 Global Cryptocurrency Adoption Index shows that the country ranks second in Africa and 21st in the world.
The latest development signals a departure from the Central Bank of Kenya’s (CBK) previous hard-line stance on digital currencies. In 2015, the CBK issued warnings about cryptographic risks, including lack of legal tender, anonymity, volatility, and potential for criminal activity.
The CBK also explored the idea of a Central Bank Digital Currency (CBDC). However, it has determined that a CBDC is not currently an urgent need.
While Kenya has explored crypto regulations, another African nation, Angola, recently banned Bitcoin mining.
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