The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.
Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating 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, stressing the need for Nigeria in being prepared for such a seismic shift.
He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”
READ: Why Crypto black market is thriving in Nigeria
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
This is a welcome development emanating from the office of the Vice President. As a matter of fact, there is nothing new about the complaints of probability of terrorists taking advantage of anonymity of transactions in the crypto sphere which is easily addressed with KYC verification. BVN is already a sufficient KYC requirement that is easily applied to crypto holders to check and track any potential criminality.
I wish you the VP was given a solid role in the Economic team. He has shown himself to be one of the reasonable fellows in this government.
I appreciate the knowledge and foresight of the vice president, and I urge most people in power or political office, to make go research about it, and know how to balance it for the Nation Nigeria. Cryptocurrency will help the Economy to a good State if well understood and managed by those in Authority. Shine on??
Has he got his spine back?
He never lost his swag, perfect gentleman, if he find himself VP without a political sructure.
It is interesting to see someone in this government who actually still has an intelligent mind, and is riding the current waves of the seismic global shift of banking, something some old cargos won’t understand. (I see why they always want to shut him up). Well, that is by the way!
SEC already started talking about regulation, so I wonder why the sudden change, making me to suspect these guys, more like they are on a mission to disrupt the progress of this nation. Most of the exchanges in Nigeria have already imbibed regulatory measures in their system with KYC, which is a means that has been adopted globally to ensure illegal transactions are curbed. Well, it is Nigeria, we have a government who is fond of taking multiple steps backward and not a single step forward. All they know how to do is to be pampering bandits and terrorists. Shameless people!