Kenya taps US bitcoin mining giant Marathon Digital for crypto governance and mining consultancy
Share this article
Kenyan President William Ruto has appointed Marathon Digital, a prominent US bitcoin mining firm, to provide consulting services on the country's crypto policies and energy requirements related to crypto mining, according to Kenya's Wall Street, the country's digital-first media house for business and finance.
With this appointment, Marathon Digital and Kenya's National Treasury and Ministry of Energy will collaborate and discuss energy needs in crypto mining, President Ruto announced the partnership during a meeting with American investors in Nairobi last week.
In addition, the US mining leader supports the government in developing a framework for crypto in Kenya.
Starting as a patent-pending company, Marathon Digital has transformed into a major player in the crypto mining space with a new leadership and strategic direction, focusing on Bitcoin from 2021. The company is one of the largest Bitcoin miners in North America.
The state of digital assets in Kenya
Although Kenya is currently one of the leading African countries in terms of crypto adoption and use, it lacks clear laws for crypto trading and use. According to Chainalysis' 2023 Global Crypto Adoption Index, the country ranks second in Africa and 21st globally.
The latest development shows that the Central Bank of Kenya (CBK) has moved away from its previous hard-line stance on digital currencies. In the year In 2015, CBK issued a warning about crypto risks including lack of legal tender status, anonymity, volatility and criminal activities.
CBK also explored the idea of a Central Bank Digital Currency (CBDC). However, the CBCC has determined that it is not a pressing need at this time.
While Kenya is investigating crypto regulations, another African country, Angola, recently banned bitcoin mining.
Share this article
The information on or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of any information on or accessible from this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
Crypto Briefing may also include articles with AI-generated content created by Crypto Briefing's own proprietary AI platform. We use AI as a tool to deliver fast, useful and actionable information without losing the insight – and control – of experienced crypto natives. All AI-added content is carefully reviewed, for accuracy, by our editors and writers, and we always draw from multiple primary and secondary sources to create our stories and articles.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
