Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs

Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs


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.

Narrowing the Financial Exclusion Gap

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.

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As per the report, the bankers namely, Kingsley Obiora, the deputy governor of the Central Bank of Nigeria (CBN) and the Kenyan central bank governor Patrick Njoroge, believe that a central bank digital currency has a better chance of narrowing the financial exclusion gap. The central bankers

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