Vice President Yemi Osinbajo has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria CBN.
Osinbajo made the call when he spoke at the Bankers Committee Vanguard in Lagos State today February 26.
”First is that there is no question that blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift.
Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors disruption makes room for efficiency and progress.
Secondly, I fully appreciate the strong position of the CBN, SEC and some of the anti corruption agencies on the possible abuses of crypto currencies and their other well articulated concerns, but I believe that their position should be the subject of further reflection.
There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.”he said
The CBN on February 5 announced the ban on cryptocurrencies. The apex bank alleged that the digital currency was being used to fund criminal activities like kidnapping, terrorism, and others.
Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift. pic.twitter.com/tbIR8eah2s
— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021