Kenya Engages Marathon Digital (MARA) for Expertise in Cryptocurrency Mining and Energy Management

• Kenyan President William Ruto has announced a significant shift in the country’s approach to cryptocurrency, appointing U.S.-based Bitcoin mining company Marathon Digital as a consultant.
• The move indicates a departure from the Central Bank of Kenya’s previous stance on cryptocurrencies.
• Marathon Digital will collaborate with the National Treasury and the Energy Ministry to address the energy requirements associated with cryptocurrency mining.

Kenya is taking significant strides towards cryptocurrency regulation, appointing Marathon Digital as a consultant to address energy needs and the cryptocurrency regime.

Marathon Digital to Collaborate with the Kenyan Government

President Ruto made the announcement during the AMCHAM Business Summit, attended by notable figures such as U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano. Marathon Digital will partner with the National Treasury and the Energy Ministry to address the energy requirements associated with cryptocurrency mining. This move signifies a shift from the previous cautious stance on crypto taken by institutions like the CBK under former governor Patrick Njoroge.

Kenya’s Shift Towards Cryptocurrency Regulation

Following Njoroge’s tenure, Kenyan authorities have shown a willingness to explore regulation of cryptocurrencies rather than outright prohibition. Collaborative efforts with organizations like the Kenyan Blockchain Association have been initiated to draft regulatory frameworks. The current government has also appo... Read the full article for FREE at COINOTAG!