Kenya taps US Bitcoin mining giant Marathon Digital for crypto regime and mining consultation

General

Kenya’s
President
William
Ruto
has
appointed
Marathon
Digital,
a
prominent
US
Bitcoin
mining
firm,
to
provide
consultancy
services
on
the
nation’s
crypto
policies
and
the
energy
requirements
associated
with
crypto
mining,
according
to

Kenyan
Wall
Street,
a
local
digital-first
media
house
that
focuses
on
business
and
finance.

With
this
appointment,
Marathon
Digital
and
Kenya’s
National
Treasury
and
Ministry
of
Energy
will
collaborate
and
discuss
the
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
crypto
in
Kenya.

Starting
as
a
patent
holding
company,

Marathon
Digital
has
transformed
into
a
major
player
in
the
crypto
mining
space,
with

a
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
Crypto
Adoption
Index
shows
that
the
country
ranks
second
in
Africa
and
21st
globally.

The
latest
development
signals
a
move
away
from
the
Central
Bank
of
Kenya’s
(CBK)
previous
hardline
stance
against
digital
currencies.
In
2015,
the
CBK
issued
warnings
about
crypto
risks,
including
lack
of
legal
tender
status,
anonymity,
volatility,
and
potential
for
criminal
activity.

The
CBK
also
explored
the
idea
of
a
Central
Bank
Digital
Currency
(CBDC).
However,
it
determined
that
a
CBDC
is
not
currently
a
pressing
need.

While
Kenya
has
explored
crypto
regulations,
another
African
nation,
Angola,
recently
banned
Bitcoin
mining.

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Kenya taps US Bitcoin mining giant Marathon Digital for crypto regime and mining consultation

State of digital assets in Kenya

State
of
digital
assets
in
Kenya