Vice President Osinbajo Disagrees With CBN, Calls For Crypto Regulation

 

The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.

As reported by Nairametrics, Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.

The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.

He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”

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