Vice President, Professor Yemi Osinbajo has called for the regulation of cryptocurrencies in Nigeria rather than killing it.
Osinbajo stated this during a keynote speech at the CBN/Bankers Committee’s Initiative for Economic Growth, on Friday.
The CBN had recently reaffirmed its opposition to cryptocurrencies, placing huge restrictions on its trade within Nigeria.
According to the CBN, cryptocurrencies are “issued by unknown and unregulated entities” and are increasingly being used to conduct ” many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”
This Vice President however, believes the CBN and other oversight agencies should consider regulating the financial technology rather than totally shutting it down.
Appreciating the strong position of the CBN, SEC, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies,
He noted that cryptocurrencies and blockchain technology generally, will form part of the future of money and that was both exciting and frightening, but as seen in many other sectors, modification makes room for efficiency and progress.
He also added that there was no doubt that it 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.
Furthermore, he called further reflection, saying there is a role for regulation. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses the serious concerns without killing the goose that might lay the golden eggs
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