ChainCatcher reported that according to Jinshi, Kenyan Finance Cabinet Minister John Mbadi said on Friday that Kenya is preparing legislation to legalize cryptocurrencies, marking a major shift in the government's position.

Kenya prohibits the use of cryptocurrencies, but the public still uses them widely underground to circumvent restrictions. "The emergence and development of virtual assets and virtual asset service providers have brought innovation, dynamic opportunities and challenges to the local and international financial systems," Mbadi said in a statement outlining the new policy.