In a recent address to investors at the American Chamber of Commerce business summit in Nairobi, President William Ruto of Kenya hinted at the country’s potential move to open up its crypto mining sector to investors. This decision is part of Kenya’s strategy to finance its energy needs.
President Ruto mentioned that Kenya has been in talks with American companies such as Microsoft and Arbor Healthcare to strengthen partnerships with local public and private sector organizations. He highlighted Marathon Digital as a company that has been invited to consult with the national treasury and the ministry of energy on cryptocurrency mining in Kenya.
The president urged investors to consider Kenya and East Africa for future investments, emphasizing the benefits of the special economic zones program. This program offers attractive fiscal, infrastructural, procedural, and regulatory incentives that have enhanced Kenya’s appeal as an investment destination.
Earlier in the year, the Kenyan government took steps to regulate cryptocurrency trading due to concerns about money laundering and terrorism financing. The country’s grey listing by the Financial Action Task Force (FATF) prompted increased scrutiny on potential financial crimes.
If Kenya ventures into cryptocurrency mining, it could diversify its revenue sources beyond traditional industries like agriculture and tourism. This move could provide an alternative income stream that is less reliant on external factors such as weather conditions and global economic fluctuations.