- Kenya’s government has invited Marathon Digital Holdings to discuss its energy needs and set up operations in the country, as per local reports.
- Despite the central bank’s efforts to discourage crypto investment, Kenya is one of Africa’s leading crypto markets and has regularly ranked first globally for peer-to-peer trading.
Africa has continued to embrace cryptocurrencies, with several countries in the region defying Western approaches and adopting Bitcoin. The latest to push for adoption is Kenya, with the East African country now courting some of the world’s largest Bitcoin miners to set up operations.
According to local reports, the Kenyan government has contacted BTC miners to discuss their energy needs and any support they would require to set up operations in the country.
Speaking during a recent investment summit in the capital, Nairobi, Kenyan President William Ruto stated:
Marathon Digital has been ushered to consult with Treasury on cryptocurrency regime and ministry of energy to discuss the energy needs in connection with the cryptocurrency mining.
President Ruto pledged his government’s support for global investors who wish to set up BTC mining operations in the country. This includes establishing special zones where energy will be subsidized to attract more miners at a time when rising power rates have bedevilled the sector.
The President stated:
The special economic zones program represents a dedicated package of highly appealing fiscal, infrastructural, procedural and regulatory incentives which have led to a steady rise in Kenya’s global appeal as an investment destination.
Kenya Courts Bitcoin Miners
Kenya’s latest approach is a welcome turnaround for the country’s thriving crypto ecosystem. Over the years, the Central Bank of Kenya (CBK) has discouraged the public from investing in crypto, which it considers overly risky because it’s unregulated, “there is no underlying or backing of assets, and the value of virtual currencies is speculative in nature.”
In one statement, the apex bank urged investors: “CBK reiterates that Bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should, therefore, desist from transacting in Bitcoin and similar products.”
However, Kenyans have defied the warnings. The country ranks in the top three in Africa for crypto adoption, alongside Nigeria and South Africa. In 2022, it ranked 19th globally for crypto adoption and fifth for P2P volume, beating titans such as the US, the UK, Argentina and Turkey in the latter.
Kenya is one of several African countries that have gravitated towards crypto. Nigeria remains the continental leader despite its very publicized crackdown on Binance, as Crypto News Flash reported. The West African nation ranked second for crypto adoption last year, only losing out to global leader India. However, Nigeria was the first for P2P exchange trade volume.
#Bitcoin mining is taking off in Africa 🌍 pic.twitter.com/P3qhPTOHoy
— Dennis Porter (@Dennis_Porter_) May 1, 2024
Recommended for you:
Credit: Source link
