Marathon Digital to Collaborate with the Kenyan Government
The announcement was made during the AMCHAM Business Summit, where notable figures such as U.S. Secretary of Commerce Gina Raimondo and Kenya Investment and Trade Cabinet Secretary Rebecca Miano were present.
President Ruto explained that Marathon Digital will partner with the National Treasury and the Energy Ministry to address the energy requirements associated with cryptocurrency mining.
“Marathon Digital has been ushered to consult with the Treasury on the cryptocurrency regime and ministry of energy to discuss the energy needs in connection with the cryptocurrency mining,” stated President Ruto during the meeting with American investors.
Ruto’s decision departs from the previous cautious stance on crypto taken by institutions like the CBK under former governor Patrick Njoroge. Njoroge had strongly warned against crypto involvement, suggesting that considering Bitcoin as a reserve asset would be absurd. He even stated that he should be imprisoned if such a proposal were entertained.
Following Njoroge’s tenure, Kenyan authorities have shown a willingness to explore regulation of cryptocurrencies rather than outright prohibition. Collaborative efforts with organizations like the Kenyan Blockchain Association have been initiated to draft regulatory frameworks. The current government has also appointed a working group to develop a comprehensive regulatory and monitoring framework for virtual asset service providers.
