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.
He shared a video of his speech via his Instagram handle, with the caption;
"First is that there's no question that blockchain era typically and cryptocurrencies especially will in the coming years venture traditional banking, which includes reserve banking, in methods that we can not yet consider so we need to be prepared for that seismic shift.
Clearly the future of cash and finance, mainly for conventional banking, ought to be as interesting as it's far horrifying. But as we've got visible in lots of different sectors disruption makes room for efficiency and development.
Secondly, I fully respect the strong role of the CBN, SEC and a number of the anti corruption companies at the possible abuses of crypto currencies and their other well articulated concerns, however I consider that their role have to be the concern of further reflection.
There is a role for law here. And it's far within the place of both our financial government and SEC to provide a strong regulatory regime that addresses these severe issues without killing the goose that could lay the golden eggs.
Highlights of my keynote feedback this morning on the CBN/Bankers Committee’s Initiative for Economic Growth."
https://www.Instagram.Com/p/CLwbjgKAajX/?Utm_source=ig_web_copy_link
See video under.
Https://www.Youtube.Com/watch?V=OyIhsHIBqcQ
The CBN on February five introduced the ban on cryptocurrencies. The apex financial institution alleged that the virtual foreign money became getting used to fund crook activities like kidnapping, terrorism, and others.
See video below.
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