Kenya is preparing to legislate the legalization of cryptocurrency

ChainCatcher news, according to Jinshi reports, Kenya's Cabinet Secretary for the Treasury John Mbadi stated on Friday that Kenya is preparing legislation to legalize cryptocurrency, marking a significant shift in the government's stance.

Kenya has banned the use of cryptocurrency, but the public continues to use it widely underground to circumvent restrictions. In a statement outlining the new policy, Mbadi said, "The emergence and development of virtual assets and virtual asset service providers have brought innovation to local and international financial systems, presenting vibrant opportunities and challenges."