Kenyan President William Ruto Considers Crypto Mining to Power Energy Sector Growth

By Leira Aquino

Apr 28, 2024 11:55 PM EDT

Kenya Considers Crypto Mining to Power Energy Sector Growth
President William Ruto hinted on Thursday that Kenya is considering the possibility of introducing cryptocurrency mining to boost its energy sector and attract investments.
(Photo : Bennett Raglin/Getty Images for The New York Time)

President William Ruto hinted Thursday at Kenya's potential move towards incorporating cryptocurrency mining to bolster its energy sector and attract investments, Citizen Digital reported.

Ruto's statements, made during the recently concluded America Chamber of Commerce (AmCham) business summit in Nairobi, were part of Kenya's broader strategy to engage with international partners and explore innovative avenues for economic growth.

Growing Interest in Crypto Mining

President Ruto disclosed that discussions have begun with companies like Marathon Digital, indicating a potential shift in Kenya's economic landscape. 

Ruto emphasized the importance of confidence and forward-thinking investments, urging stakeholders to consider Kenya and East Africa as prime destinations for future endeavors.

The president also highlighted Kenya's special economic zones program's significant impact, including attractive fiscal, infrastructural, procedural, and regulatory incentives. 

These initiatives have contributed to Kenya's growing global appeal as an investment destination, fostering a steady rise in foreign investor interest.

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Regulatory Measures for Cryptocurrency Trading

This development follows Kenya's recent efforts to regulate cryptocurrency trading, prompted by concerns related to financial crimes such as money laundering and terrorism financing. 

These regulatory steps align with international standards, particularly given Kenya's status under increased scrutiny by the Financial Action Task Force (FATF).

The potential for crypto mining in Kenya presents a significant opportunity for economic diversification. 

By tapping into this emerging sector, Kenya aims to reduce its reliance on traditional industries like agriculture and tourism, according to Citizen Digital.

Such diversification can create a more resilient revenue stream less susceptible to external factors such as weather conditions or global economic fluctuations.

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