Prof. Yemi Osinbajo, the Vice President of Nigeria, has disagreed with the Central Bank of Nigeria’s decision to ban cryptocurrencies.
Osinbajo on Friday, Feb 26, 2021, called for a regulation of the industry instead of an outright ban.
Osinbajo said instead of an outright ban, the Securities and Exchange Commission (SEC) and Central Bank of Nigeria should create a regulatory road map.
He fully appreciated the stance of the CBN, Nigerian Securities and Exchange Commission (SEC), and law enforcement agencies on the possible abuses of crypto assets.
Osinbajo also called for the 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.”
His reaction was shared on social media in a tweet by Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President.
See his tweet below:
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