Crypto mining company Marathon Digital is currently engaged in talks with the Kenyan government regarding the country’s cryptocurrency policy and the energy requirements for crypto mining. Kenya has been gradually implementing regulations in the crypto market. President William Ruto revealed during the American Chamber of Commerce Kenya Business Summit that Marathon had been invited to consult with the National Treasury and Ministry of Energy.
The summit took place in late April, but the news was not immediately reported. U.S. Commerce Secretary Gina Raimondo was in attendance, and Marathon was a platinum-level sponsor of the event. In his keynote speech, Ruto expressed that the discussions with Marathon are a significant indication of the vast potential for trade and investment between the U.S. and East Africa.
Marathon, headquartered in the United States, has mining ventures in Abu Dhabi and Paraguay. It is ranked among the top five largest crypto miners globally. If the talks with the Kenyan government are successful, Marathon would not be the first crypto miner to operate in the East African country.
Previously, the Kenyan government held a negative stance toward cryptocurrency. Efforts to regulate the crypto industry began in November 2022, two months after Ruto assumed office. The International Monetary Fund raised concerns about the lack of strict crypto regulations in Africa in the same year. In terms of global crypto adoption, Kenya ranked 11th in 2022.
The bill aimed at taxing and regulating crypto activities is currently under consideration and open for public comments. The government sought the guidance of the Blockchain Association of Kenya regarding a bill for virtual asset service providers.
It has been reported that the United States has previously advocated for the interests of the American crypto industry in Kenya. Their attempts to persuade Kenya to lift its suspension of Worldcoin activities were unsuccessful. In August, the Kenyan government ordered the shutdown of Worldcoin operations due to security concerns, but Worldcoin did not immediately comply with the directive.
The fact that Marathon was a sponsor at the event makes me question the integrity of these talks.
It’s amazing to see Marathon Digital engaging with the Kenyan government on cryptocurrency policy! This could pave the way for a brighter future for crypto in Kenya.
It’s disappointing to see the government consulting with Marathon instead of key stakeholders within the crypto community. 🙄
Marathon’s involvement with the Kenyan government raises suspicions about their true intentions and motivations. 🤨
Kudos to the Kenyan government for actively seeking public comments on the bill. It’s crucial to involve all stakeholders in shaping the future of crypto regulation.
The potential for trade and investment between the U.S. and East Africa highlighted by President Ruto is a positive sign for both regions. Collaboration knows no borders!
This is just another example of the government favoring big corporations over the interests of its own people.
The talks between Marathon and the Kenyan government exemplify the global nature of the crypto industry. It’s encouraging to see international partnerships forming. 🤝💼
Kenya should focus on developing its own crypto industry instead of relying on foreign miners like Marathon. 🇰🇪💪
It’s concerning that Marathon is involved in talks with the Kenyan government when they have faced criticism for their environmental impact. 🌍💔
Marathon Digital seems to be taking advantage of Kenya’s evolving crypto market. 😡