- Kenya is set to receive consultation from the United States’ largest mining company, Marathon Digital Holdings, on cryptocurrency policies.
- Kenyan President William Ruto announced that Marathon Digital has been invited to advise the National Treasury and Ministry of Energy on cryptocurrency regulations.
- This move comes after years of warnings from the Central Bank of Kenya (CBK) about the risks of cryptocurrency and its potential misuse in money laundering and terrorist financing.
Kenya seeks advice from Marathon Digital Holdings, the largest US mining company, on cryptocurrency policies amid concerns over potential misuse in illicit activities.
Marathon Digital to Advise Kenya on Cryptocurrency Policies
Kenyan President William Ruto recently announced that Marathon Digital Holdings, the largest mining company in the United States, has been invited to advise the National Treasury and Ministry of Energy on cryptocurrency regulations. This decision comes as Kenya grapples with the growing influence of cryptocurrencies and their potential risks.
Central Bank of Kenya’s Warnings on Cryptocurrency Risks
Over the past few years, the Central Bank of Kenya (CBK) has consistently warned its citizens about the risks associated with cryptocurrencies. The CBK has expressed concerns that untraceable transactions could be exploited by criminals for money laundering and financing terrorism. Despite these warnings, the popularity of cryptocurrencies continues to grow in the country, prompting the government to seek expert advice on how to regulate this emerging market.
Conclusion
This move by Kenya to seek advice from Marathon Digital Holdings signifies a step towards the regulation of cryptocurrencies in the country. It also highlights the global trend of governments grappling with the challenges and opportunities presented by the digital currency market. As cryptocurrencies continue to gain traction worldwide, it will be interesting to see how Kenya’s policies evolve in response to this rapidly changing landscape.
