Cryptocurrency

Bank

Patrick

2024

Bitcoin

<p>Kenya’s President William Ruto recently announced that his government has appointed Marathon Digital, a major U.S.-based Bitcoin mining company, to advise on the country’s cryptocurrency policies and energy consumption for mining activities.&nbsp;</p>
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   <p lang="en" dir="ltr">During the <a href="https://twitter.com/AmChamKE?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@AmChamKE</a> Business Summit in Nairobi, Kenya’s president <a href="https://twitter.com/WilliamsRuto?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@WilliamsRuto</a> met with the MARA team to discuss how our digital asset data centers can spur energy development in the region and foster US-East Africa trade relations. Watch the clip here: <a href="https://t.co/ZgguTXdi4T" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/ZgguTXdi4T</a></p>— MARA (@MarathonDH) <a href="https://twitter.com/MarathonDH/status/1785710199245865046?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">May 1, 2024</a>
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<h2 class="wp-block-heading" id="consultancy-and-energy-discussion-between-kenya-and-marathon-digital">Consultancy and Energy Discussion Between Kenya and Marathon Digital</h2>
<p>Marathon Digital is set to collaborate with the Kenyan Energy Ministry to address the energy requirements of cryptocurrency mining, a sector known for its high electricity consumption. This partnership also extends to consultations with the National Treasury regarding the <a href="https://www.cryptopolitan.com/blockchain-association-of-kenya-launches-kenyas-first-vasp-draft/" target="_blank" data-type="post" data-id="463806" rel="noopener noreferrer nofollow">cryptocurrency regime in Kenya.</a></p>
<p>Under the former governor of the Central Bank of Kenya (CBK), Patrick Njoroge, the country maintained a critical view of cryptocurrencies. Njoroge was notably skeptical about integrating cryptocurrencies into Kenya’s financial system, even suggesting severe personal consequences should such integration occur under his governance. However, following his departure, there has been a noticeable change in exploring regulatory frameworks that can accommodate the use of cryptocurrencies rather than outright banning them.</p>
<p>The Kenyan government’s engagement with Marathon Digital comes after previous measures to involve local stakeholders like the Kenyan Blockchain Association in drafting new crypto regulations. This includes forming a dedicated working group to <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">create a framework</a> for regulating and monitoring virtual asset service providers.</p>
<h2 class="wp-block-heading" id="details-from-the-business-summit">Details from the Business Summit</h2>
<p>The announcement was made at the American Chamber of Commerce Kenya Business Summit, attended by notable figures including U.S. Secretary of Commerce Gina Raimondo and U.S. Ambassador to Kenya, Met Whitman, alongside various representatives from Kenyan and U.S. companies.&nbsp;</p>
<p><a href="https://twitter.com/MarathonDH/status/1785710199245865046" rel="noopener noreferrer nofollow" target="_blank">President Ruto highlighted</a> the partnership with Marathon Digital during his keynote speech, emphasizing it as part of Kenya’s broader trade and investment engagements with the U.S. and East Africa.</p>
<p>Marathon Digital, one of the top five largest crypto miners globally, brings substantial industry expertise, having established mining operations in multiple countries, including<a href="https://www.cryptopolitan.com/uae-and-kenya-forge-digital-investment/" target="_blank" data-type="post" data-id="503675" rel="noopener noreferrer nofollow"> joint ventures in Abu Dhabi </a>and Paraguay.</p>

Kenya Partners with Marathon Digital to Refine Cryptocurrency Policies

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