April 18, 2021

Dambela

Dambela Blog

The Vice president, Yemi Osinbajo calls for regulation of crypto-currency instead of ban

2 min read

Yemi Osinbajo, the vice president of Nigeria has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria (CBN).

This call was made when the vice president spoke at the Bankers Committee Vanguard in Lagos State today 26th February 2020.

He said;

“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.”

Initially on 5th February, the CBN announced the ban on crypto-currency. The apex bank alleged that the crypto-currency was being used for fraudulent activities.

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