According to local crypto experts, Kenya’s President-elect William Ruto is arguably a better hope for the crypto community in Kenya than failed candidate Raila Odinga.
As a younger candidate and youth-friendly campaigner, locals expect William Ruto to be more active on crypto.
Kenya’s crypto future is not an election issue and was not discussed by any candidate during the election campaign. But he is 22 years younger than Odinga, 77 years old, suggesting he is more adaptable to innovation.
Roselyne Wanjiru, a researcher at the Blockchain Association of Kenya, an industry body. Kenyan regulators have not proposed any kind of actual cryptocurrency rules so far.
Importantly for the region as the country leads Africa in terms of cryptocurrency adoption and was recently ranked fifth globally in terms of adoption by the United Nations Conference on Trade and Development (United Nations Conference on Trade and Development). UNCTAD). The United Nations branch report states that 8.5% of the Kenyan population owns crypto, and this is higher than the 8.3% that owns crypto in the United States.
Kenya’s narrow presidential election results saw Ruto win 50.5% of the vote against Odinga’s 48.8%.
Rufas Kamau, a market researcher and analyst, claims that beyond his age, Ruto’s youth-friendly campaign in which he coined the phrase “hustle country” could mean he has positive view of cryptocurrencies.
“The previous administration was very harsh. We don’t know exactly how this change will affect cryptocurrencies but he has advocated for the youth so we hope he will provide the opportunity to inform via cryptocurrency,” Kamau said.
Yvonne Kagondu, founder of Kenya Blockchain Ladies, says that she is not sure which outcome would be better, although one of Ruto’s key policies is to appoint a gender-balanced cabinet.
“On one hand, Ruto is younger but he is strict and his words are final and that can be intimidating. We are not confident with either candidate. Regardless, we will continue working in silence We don’t want Kagondu to speak.
Eugene Mutai, an African cryptocurrency miner and CTO and co-founder of Raise, said the elections have left Kenya’s crypto community in a gray area.
“What really matters is who they actually appoint to lead the Central Bank of Kenya and also the Ministry of Finance. This election has yet to change the story of crypto in Kenya,” Mutai said.
Ruto’s victory was not final as Odinga rejected the result. Odinga has said that his team will pursue all regulatory options, potentially delaying clarity to crypto enthusiasts in Kenya.