Kenya mulls crypto mining to fund energy needs

Ruto who was addressing investors at the recently concluded America Chamber of Commerce (AmCham) business summit in Nairobi noted that Kenya has been engaging American companies, including Microsoft and Arbor Healthcare, to deepen their partnerships with local public and private sector organizations. 

“Marathon Digital Have been ushered to consult with the national treasury in Kenya on our crypto currency regime, and to the ministry of energy to discuss its energy need in connection with cryptocurrency mining here in Kenya.” President Ruto told investors. 

Adding that it is time to proceed in confidence into the new paradigm, with the president urging investors to think of Kenya and East Africa for their future investments. 

“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,” the president said. 

Adding that attractive tax incentives, high-quality infrastructure simplified business procedures and regulations as well as value chain integration, and the promotion of expanded market access for goods are some of the compelling incentives for futuristic investments.

Earlier in the year, the government had moved to implement measures to regulate cryptocurrency trading due to concerns regarding money laundering and terrorism financing. 

The move came following Kenya's grey listing by the Financial Action Task Force (FATF) under increased scrutiny for potential financial crimes.

The mining of cryptocurrency in Kenya could see the country diversify its revenue stream from traditional industries like agriculture and tourism, providing an alternative source of income that is less dependent on external factors such as weather conditions or global economic fluctuations.