The Central Bank of Nigeria (CBN) said that with the emergence of cryptocurrencies, innovation has come to the financial sector.
Nigeria Central Bank Governor: Crypto Brings Innovation to the Financial Industry
Central banks of countries have recently started to make statements about cryptocurrencies. This time the explanation Central Bank of NigeriaIt came from the President.
Central Bank of Nigeria (CBN), President, Godwin Emefiele He noted that despite the current risks posed by cryptocurrencies, it benefits financial inclusion by accelerating growth and lowering poverty levels. In line with this, Emefiele added that financial institutions should rethink their approach to regulating cryptocurrencies.
Godwin Emefiele, President of CBN, continued:
The evolution of FinTechs, cryptocurrencies, Digital Payments, Artificial Intelligence and Machine Learning has changed the way the finance and banking industries operate both globally and locally. For this reason, the regulation, supervision and monetary policy practices of the financial system need to be reviewed urgently.
President Emefiele, the bank’s Monetary Policy CommitteeHe stated that the (MPC) will identify a new approach and propose a new direction to improve the country’s monetary framework.
