Kenya is preparing legislation that would allow the use of cryptocurrencies, a senior official in President William Ruto’s government has said. In a statement explaining the policy shift, Kenyan Treasury Cabinet Secretary John Mbadi suggested that embracing cryptocurrencies would enable the East African nation to retain its status as a leader in financial innovation on the continent.

According to a report in the Standard, this policy change marks a departure from the previous Kenyan government’s stance on crypto. As noted in a Bitcoin.com News report, the Kenyan government previously cited concerns about money laundering and terrorism financing as reasons for opposing cryptocurrencies. The association of cryptocurrencies with scams has further deepened the government’s mistrust.

However, many Kenyans have continued to embrace cryptocurrencies despite numerous threats and warnings against their use, as evidenced by several studies. Furthermore, the Kenyan Treasury collected $77 million from crypto traders, suggesting that the industry could become an important revenue source for the government.

These factors, along with others, have seemingly prompted a rethink by a government that has already embraced bitcoin mining.

“Kenya’s financial sector is a beacon of innovation and growth in Africa. The emergence and growth of Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) have given rise to innovations in the local and international financial system with dynamic opportunities and challenges,” Mbadi said.

Although he acknowledged the risks involved in embracing cryptocurrency, Mbadi argued these can be addressed by creating a framework that harnesses the benefits while mitigating the risks. The Kenyan Treasury Cabinet Secretary also revealed that the draft legislation on cryptocurrency use seeks not only to create a “fair, competitive, and stable market” for VAs and VASPs but also to enhance financial literacy.

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