Kenya Appoints Marathon Digital as Consultant for Cryptocurrency Regime and Mining Energy Needs

cryptonews.com:

Kenyan President William Ruto announced a major policy shift in the country’s approach to cryptocurrency on May 3, revealing that his government has appointed U.S.-based Bitcoin mining company Marathon Digital as its consultant.

The move signals a departure from the Central Bank of Kenya (CBK) and other government entities’ previously defiant stance on cryptocurrencies.

The announcement was made during the AMCHAM Business Summit, where notable figures such as U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano were present.

President Ruto explained that Marathon Digital will partner with the National Treasury and the Energy Ministry to address the energy requirements associated with cryptocurrency mining.

“Marathon Digital has been ushered to consult with the Treasury on the cryptocurrency regime and ministry of energy to discuss the energy needs in connection with the cryptocurrency mining,” stated President Ruto during the meeting with American investors.

Ruto’s decision departs from the previous cautious stance on crypto taken by institutions like the CBK under former governor Patrick Njoroge. Njoroge had strongly warned against crypto involvement, suggesting that considering Bitcoin as a reserve asset would be absurd. He even stated that he should be imprisoned if such a proposal were entertained.

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 appointed a working group to develop a comprehensive regulatory and