Nigeria’s Vice President Yemi Osinbajo has reacted to the
prohibition of crypto currency transactions by the Central Bank of Nigeria.
The VP while addressing addressing participants at the
One-day Special Summit on the Economy by Bank Company Executives Officers in
conjunction with Vanguard held at Eko Hotel, Lagos on Friday, called for strict
regulation of crypto currency in place of a prohibition.
His words; "Crypto currency should be innovatively
regulated, not prohibited; we must act with knowledge not fear."
Osinbajo said the disruption caused by cryptocurrencies will
challenge traditional banking and also give room for efficiency and progress.
“Clearly, the future of money and finance especially
traditional banking must be exciting as it is frightening but as we’ve seen in
many other sectors disruption makes room for efficiency and progress,” he said.
“I fully appreciate the position of the CBN, the Securities
and Exchange Commission (SEC) and some of the anti-corruption agencies on some
of the abuses of cryptocurrencies and their well-articulated concerns.
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
The Central Bank of Nigeria recently directed banks and
other financial institution to close accounts of persons or entities involved
in cryptocurrency transactions.
The CBN argues that cryptocurrencies pose the risk of loss
of investments, money laundering, terrorism financing, illicit fund flows and
other criminal activities.
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