The vice president of Nigeria, Professor Yemi Osinbajo has urged the Central Bank of Nigeria (CBN) to rescind its decision to ban cryptocurrency in Nigeria.
It could be recalled that the CBN banned all banks to close the accounts of all cryptocurrency traders in Nigeria.
According to the CBN, they did that in the interest of Nigerians adding that it is for the best, however, the vice president holds another view.
Taking to his social media handle on Instagram, he wrote;
“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.
Highlights of my keynote remarks this morning at the CBN/Bankers Committee’s Initiative for Economic Growth.”