The Central Bank of Nigeria has acknowledged Vice-President
Yemi Osinbajo’s counsel on the regulation of digital currencies, which has
sparked controversy among Nigerians.
After an order from the apex bank to commercial banks to
restrict cryptocurrencies related transactions, Nigerians reacted angrily.
Osinbajo, who spoke at the Bankers Committee programme on
Friday, said there is a role for regulation whereby both the monetary
authorities and the security and exchange commission would “provide a robust
regulatory regime that addresses these serious concerns without killing the
goose that might lay the golden eggs.”
In his declaration, the VP noted 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 and it may
come sooner than later. Already, remittance systems are being challenged.
Blockchain technology will provide far cheaper options for the kind of fees
being paid today for cross-border transfers.
Acknowledging Osinbajo’s knowledge-based advise on
cryptocurrency, the CBN via its official Twitter handle, @cenbank, noted that
VP’s advice is so as to ensure that they are in a position to prevent any of
the adverse sode effect or eveb possible criminal acts that may arise as a
consequence of adopting blockchain technology.
The tweets read “#Osinbajo advises #CBN to put in place a
thoughtful & knowledge based regulation, cautioned on the need to ensure
that we are in a position to prevent any of the adverse side effects or even
possible criminal acts that may arise as a consequence of adopting blockchain
technology”.
“The banking sector plays a crucial role in promoting
increased & inclusive growth in Nigeria, VP #Osinbajo commended #CBN for
the forward looking support for growth related initiatives, especially under
the economic sustainability plan”.
“The VP #Osinbajo also commended the DMBs for their
patriotic contributions to sustain growth but called for the need to further
deepen the provision of capital that would allow businesses to grow over the
long term,” the apex bank added.
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