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Marathon Digital and Kenyan Government Discuss Crypto Policy and Energy Consumption – TradingView News

Crypto miner Marathon Digital is in talks with the Kenyan government about the country’s cryptocurrency policy and energy requirements for cryptocurrency mining. Kenya is gradually regulating the cryptocurrency market.

President William Ruto announced at the American Chamber of Commerce Kenya business summit that Marathon has been asked to consult with National Treasury and the Ministry of Energy. The summit took place in late April, but was not immediately announced.

U.S. Secretary of Commerce Gina Raimondo was among the attendees, and Marathon was a platinum sponsor of the event. In his keynote speech, Ruto said this about the talks with Marathon:

“This is strong evidence of the enormous transformative opportunities that exist in an expanded and comprehensive agreement between the United States (and) East Africa on trade and investment.”

Marathon is based in the United States but has joint mining ventures in Abu Dhabi and Paraguay. It is one of the five largest cryptocurrency miners in the world. If talks lead to Marathon’s presence in the East African country, it won’t be the first cryptocurrency mining company to operate there.

The Kenyan government has long had a negative attitude towards cryptocurrencies. However, he launched efforts to regulate cryptocurrencies in November 2022, two months after Ruto took office. The International Monetary Fund made critical remarks about lax cryptocurrency regulations in Africa in November 2022. Kenya ranked 11th in the world for cryptocurrency adoption this year.

Cointelegraph

The draft bill on the taxation and regulation of cryptocurrencies remains under consideration and open to comments. The government has sought advice from the Blockchain Association of Kenya on a bill for a virtual asset services provider.

The United States has reportedly previously defended the interests of the US cryptocurrency industry in Kenya, unsuccessfully urging Kenya to lift its suspension of Worldcoin operations in the country. The Kenyan government ordered the closure of Worldcoin operations there in August, citing security concerns. Worldcoin did not immediately comply with the government’s order.