Cryptocurrencies People Personal Finance Politics

‘Cryptocurrency the Next Big Thing’ – Osinbajo

Nigeria’s Vice President, Prof. Yemi Osinbajo has expressed his disagreement to the ban of Cryptocurrency by the Central Bank of Nigeria, CBN.

He said this in an address at the CBN Bankers’ Committee Economic Summit, Abuja.

Prof. Yemi said that the digital currency was sure to challenge traditional banking, including reserve banking in ways beyond imagination.

“First, there is no question that Blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking including reserve banking in ways that we cannot imagine.” he said.

He advised that the government must act in knowledge and not fear stating that we as a nation must be ready to accept and move along with such changes.

“The point I am making is that some of the exciting development we see call for prudence and care in adopting them and this has been very well articulated by our regulatory authorities. But we must act with knowledge and not with fear.

“We must ensure that we are in a position to benefit and position to prevent any of the adverse side effects or any of the possible even criminal acts that may arise in consequence of adopting or taking any of these options.” Prof Yemi said.

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Festus Ezeifedi Chukwuemeka

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