United

Bitcoin

Worldcoin

April

Crypto miner Marathon Digital is in discussions with the Kenyan government on the country’s cryptocurrency policy and the energy requirements for crypto mining. Kenya has been gradually regulating the crypto market.
President William Ruto announced at the American Chamber of Commerce Kenya Business Summit that Marathon has been asked to consult with the National Treasury and Ministry of Energy. The summit took place in late April but was not immediately reported on.
U.S. Commerce Secretary Gina Raimondo was among the attendees, and Marathon was a platinum-level sponsor of the event. In his keynote speech, Ruto <a href="https://twitter.com/MarathonDH/status/1785710199245865046" target="_blank" rel="noopener noreferrer nofollow">said</a> of the talks with Marathon:
<blockquote>
 “This is a strong testament of the vast transformative possibilities that exist in an expanded and comprehensive understanding between the U.S. [and] East Africa concerning trade and investment.”
</blockquote>
Marathon is based in the United States but has joint mining ventures in Abu Dhabi and Paraguay. It is one of the world’s top five largest crypto miners. If the talks lead to a Marathon presence in the East African country, it <a href="https://cointelegraph.com/news/bitcoin-mining-project-in-kenya-helps-power-rural-community" rel="noopener noreferrer nofollow">would not be the first</a> crypto miner to operate there.
Related: <a href="https://cointelegraph.com/news/ethiopia-makes-data-center-deal-hong-kong-company-mining" rel="noopener noreferrer nofollow">Ethiopia makes data center deal with Hong Kong company, may start mining</a>
The Kenya government long <a href="https://www.centralbank.go.ke/images/docs/media/Public_Notice_on_virtual_currencies_such_as_Bitcoin.pdf" target="_blank" rel="noopener noreferrer nofollow">had</a> a negative attitude toward cryptocurrency. However, it <a href="https://cointelegraph.com/news/kenyan-legislation-establishes-crypto-taxation-creates-consumer-protections" rel="noopener noreferrer nofollow">began efforts to regulate</a> crypto in November 2022, two months after Ruto took office. The International Monetary Fund made <a href="https://cointelegraph.com/news/imf-calls-for-tighter-crypto-regulation-in-africa-as-the-industry-unfolds" rel="noopener noreferrer nofollow">critical observations on the lax crypto</a> regulation in Africa in November 2022. Kenya ranked 11th in the world for crypto adoption that year.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/33fc63ba-b404-4d73-a1f1-c36ac99cfab3.png">
 <figcaption style="text-align: center;">Source:&nbsp;Committees of the National Assembly of Kenya
 </figcaption>
</figure>
The bill to tax and regulate crypto <a href="https://www.treasury.go.ke/bills/" target="_blank" rel="noopener noreferrer nofollow">remains</a> under consideration and open for comments. The government <a href="https://cointelegraph.com/news/kenyan-lawmakers-blockchain-association-crypto-bill" rel="noopener noreferrer nofollow">sought the advice of</a> the Blockchain Association of Kenya on a bill for a virtual asset service provider.
The United States <a href="https://cointelegraph.com/news/kenya-defies-us-pressure-maintains-worldcoin-suspension" rel="noopener noreferrer nofollow">has reportedly stood up</a> for the American crypto industry’s interests in Kenya before, unsuccessfully urging Kenya to lift its suspension of Worldcoin activities there. The Kenyan government <a href="https://cointelegraph.com/news/worldcoin-kenya-suspends-local-activities-of-worldcoin" rel="noopener noreferrer nofollow">ordered the shutdown of Worldcoin</a> operations there in August, citing security concerns. Worldcoin <a href="https://cointelegraph.com/news/kenya-parliamentary-committee-shutdown-worldcoin" rel="noopener noreferrer nofollow">did not immediately heed</a> the government’s order.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-africa-women-bitcoin/" rel="noopener noreferrer nofollow">Championing Blockchain Education in Africa: Women Leading the Bitcoin Cause</a>

Marathon Digital, Kenyan government discuss crypto policy, energy use

Cointelegraph

Other articles published on May 6, 2024

Rising Stablecoins Volume: A Threat to Visa? Analyzing Crypto Coins like USDT and DAI

XRP (XRP): Brad Garlinghouse Expresses Enthusiasm for Community-Driven Events

Asian Stocks Follow Wall Street’s Surge: Unemployment Data Fuels Market Optimism

XRP (XRP) Community Events Spark Enthusiasm in CEO Brad Garlinghouse: A New Era for Crypto Engage...

Anticipation Builds for XRP: Ripple’s Stablecoin Progress Unveiled (XRP)

Dogecoin Price Forecast: Another 25% Rise on the Horizon

Join our free newsletter for daily crypto updates!