Cryptocurrency Ban: Osinbajo Disagrees With CBN
-Vice President of Nigeria, Professor Yemi Osinbajo does not agree with the Central Bank of Nigeria on Cryptocurrency ban
-The Vice President believes that Bitcoin and other cryptocurrencies should not be banned but regulated instead
-Prof. Osinbajo said this while speaking at the Bankers Committee Vanguard on Friday
The Vice President of Nigeria, Prof. Yemi Osinbajo has advised the Central Bank of Nigeria (CBN) to regulate Bitcoin and other cryptocurrencies in Nigeria rather than banning them.
The VP this statement while speaking at the Bankers Committee Vanguard on Friday 26th February.
Osinbajo told everyone that in the coming years, blockchain and cryptocurrencies will challenge traditional banking.
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The Professor added that Nigeria needs to be prepared to make a transition when that happens.
Osinbajo noted that a range of digital assets is being created daily on the blockchain network. He stated that disruption makes room for progress.
Osinbajo also said that he understands the reason for CBN’s cryptocurrency ban but their position should be reflected.
He suggested that the Apex Bank regulates these digital assets but that complete prohibition may not beneficial.
The Central Bank of Nigeria led by Godwin Emefiele issued a ban on cryptocurrency transactions about Nigerian financial institutions on Friday 5th February 2021.