Kenya is preparing legislation to legalize cryptocurrencies

Kenya is preparing legislation to legalize cryptocurrencies, Kenya's Cabinet Minister of Finance John Mbadi said on Friday, marking a major shift in the government's stance. Cryptocurrencies are banned in Kenya, but are still widely used underground by the public to circumvent restrictions. "The emergence and development of virtual assets and virtual asset service providers has brought innovation and dynamic opportunities and challenges to the local and international financial system," Mbadi said in a statement outlining the new policy. (Kim Ten)