How We Are Supporting FinTech: CBN Reacts to Criticism Over Directive on Cryptocurrency
The Central Bank has reacted to the criticism trailing its directive to Deposit Money Banks (DMBs) to desist from transacting in/and with entities dealing in cryptocurrencies.
In a press release signed by its Acting Director, Corporate Communications, the CBN said its circular of February 5 did not place any new restrictions as it had already forbidden banks from holding, trading, or transacting in cryptocurrencies in an earlier circular released on January 12, 2017.
An excerpt from its recent press release dated February 7 reads:
At this juncture, the CBN would like to assert that our actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system. To the contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies propelled by reforms driven by the CBN. This is evident from the variety of participants,
products, channels, cutting-edge technology in the payments system. It is also validated by the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of CBN’s policies that have created an enabling investment environment in the payments system.
The full press release is downloadable below:
