The two central bankers claimed that cryptocurrencies are too volatile for them to become an acceptable payment method. regulation centralbank
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability.The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said.
In the report, Obiora, who spoke at an International Monetary Fund moderated virtual summit, is quoted explaining why his institution is opposed to cryptocurrency. He said:For his part, Njoroge is quoted in the report questioning what he believed to be the hype that is associated with cryptocurrencies. The Kenyan central bank governor nonetheless hinted that his institution may eventually regulate crypto assets as a “wealth product.
However, unlike the CBN which is attempting to increase the number of people that are financially included via its recentlyCBDC, the CBK will not be prioritizing this because that has been achieved with mobile money, Njoroge explained. As previously reported by Bitcoin.com News, the Kenyan central bank had sought the public’s views and perceptions on CBDCs. According to the Reuters report, the CBK is now in the process of examining the public’s feedback.
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