Vice President, Professor Yemi Osinbajo has called for regulation of cryptocurrencies rather than an outright ban imposed by the Central Bank of Nigeria.
He opined that such disruption in the global financial ecosystem occassioned by cryptocurrency often makes room for progress.
Osinbajo also advised the SEC, and apex bank to create a regulatory road map.
He, however, appreciated the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.
The vice president further stressed the importance cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine.
He also stressed the need for Nigeria in being prepared for such a seismic shift.
“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.
“I believe their position should be the subject of further reflection. There is a role for regulation here and it is in the place of our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without necessarily killing the goose that might lay the golden eggs.”