The Nigerian central bank governor and bitcoin critic, Godwin Emefiele, recently remarked that the rise of fintechs and cryptocurrencies among other technologies have forced banks and financial institutions to change the way they operate. According to Emefiele, this requires the central bank’s monetary policy committee (MPC) to rethink the way it regulates the financial system.
Rethinking Financial System Regulation
The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, reportedly said the MPC, which was set to meet on July 18 and 19, must chart a new path that changes the direction of Nigeria’s monetary policy.
Speaking at a so-called MPC retreat, Emefiele said new technologies and innovations were playing an important role in the development of Nigeria therefore the MPC’s decisions going forward must seek to enhance the contributions of these technologies.
Further, in his remarks published by Daily Nigerian, Emefiele — a bitcoin critic — argued that fintechs and...
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