VP of Nigeria Prof Yemi Osinbajo thinks Crypto will Challenge Current Finance, says the Country Needs to act in Knowledge and not Fear
February 27, 2021 2:12 AM
Vice President of Nigeria Yemi Osinbajo, recognizes the undoubted potential that Blockchain cryptocurrencyency will bring to the nation.
In a speech delivered at the economic summit on Friday by vice president Osinbajo, he gave a positive crypto speech in which he recognizes a future with blockchain technology challenging the current financial sector.
“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,”
Prof Yemi Osinbajo said on Friday during the Central Bank of Nigeria Bankers’ Committee Economic Summit. "We need to be prepared for that seismic shift, and it may come sooner than later,'' he added.
The VP speech highlighting several other points was uploaded to his YouTube channel, and he later shared a crypto clip of the video on his Twitter and said:
“The point I’m making, is that some of the exciting developments we see the call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:
“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”
The VP positive blockchain comments will be welcomed by the Nigerian crypto community which is in contrast to the recent happenings regarding bitcoin regulation in the country.
It's been tough for traders as local banks clamp down and closed a few accounts belonging to crypto exchanges and traders. Both groups BICCON and SIBAN asked for a review of the circular passed which restricts banks from servicing crypto exchanges in the country.
However, the Central Bank of Nigeria seems unfazed by all plea as Godwin Emefiele the CBN director said all Crypto-assets are illegitimate in a speech giving at the senate commitee on banking few days ago.