VP Osinbajo disagrees with CBN, calls for crypto regulation

The Vice President of Nigeria, Prof. Yemi Osinbajo has called for Crypto regulation, stating that the role Crypto plays in the global financial ecosystem evidently shows that digital currency is inevitable.

Osinbajo also advised the Securities Exchange Commission (SEC), and Central Bank of Nigeria (CBN) 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.

 

In his tweet yesterday, the VP said: "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."

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.”