Kenya Prepares To Legalize Cryptocurrency In Major Policy Shift

According to Foresight News, Kenya's Cabinet Secretary for the Treasury, John Mbadi, announced on Friday that the country is preparing legislation to legalize cryptocurrency. This move marks a significant shift in the government's stance, as the use of cryptocurrencies is currently prohibited in Kenya. Despite the ban, there is widespread underground use of digital currencies by the public to circumvent restrictions. In his statement outlining the new policy, Mbadi highlighted that the emergence and development of virtual assets and service providers have introduced innovation and dynamic opportunities and challenges to both local and international financial systems.