New technologies and innovations are playing an important role in the development of the Nigerian economy. fintech cryptocurrencies cbn
— argued that fintechs and cryptos have changed the way the financial system functions and this calls for a rethink. He said:
The evolution of fintechs, cryptocurrencies, digital payments, artificial intelligence and machine learning, have changed the functioning of the financial and banking sectors, both globally and domestically. Therefore, the urgent call for the need to rethink financial system regulation, supervision and monetary policy implementation.
Although new technologies and innovations are often associated with risks and uncertainties, Emefiele insisted that these also come with several benefits that include better access to financial services, poverty reduction, and employment creation.Meanwhile, the Daily Nigerian report also quotes the CBN governor urging members of MPC to acquaint themselves with monetary policy tools and objectives that are relevant to a digitized world.
“In order to ensure the relevance of monetary policy and the role of monetary authorities in the new digital world, MPC members must embrace themselves with [an] advanced level understanding of the interplay of digitalization with monetary policy objectives, targets and tools,” Emefiele reportedly said.
Concerning the MPC retreat, Emefiele said this was an important event because it gives the central bank an opportunity to assess its performance in the last three to four years.Tags in this story
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