Nigeria’s Vice President Yemi Osinbanjo calls for Crypto regulation against CBN’s ban

Nigeria’s Vice President Yemi Osinbanjo calls for Crypto regulation against CBN’s ban

Yemi Osinbanjo on cryptocurrency – Following recent outcry by the Nigeria’s members of the public with recourse to CBN’s ban on the use of cryptocurrency and enhancing its activity through the deposit money banks and other financial institutions in the country.

The vice President in his capacity professor Yemi Osinbanjo has lend his voice in solidarity to that of many Nigerians who have called on CBN to reverse its decision of the February 5th 2021.

The vice President in his remark makes a case for CBN to regulate cryptocurrency instead of banning its use in the country.

Citing the technological and economic impact cryptocurrency has aided the national economy in a short while, he called on CBN to review and adopt a right measure into regulating the currency than ban its existence out of panic.

In his remark word by word “Digital assets and cryptocurrencies, let me say two things, first is that there’s no questions that blockchain technology generally, and cryptocurrencies in particular will in the coming years challenge traditional banking.

Yemi Osinbanjo

“Including reserve banking in ways that we cannot yet imagine. The point I’m making is that some of the exciting developments that we see call for prudence and care in adopting them and this has been very well articulated by our regulatory authority.

“But we must act with knowledge and not with fear, we must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effect or any of the possible criminal acts that may arise in consequence of adopting or taking any of these options.”

Aside the Vice President Professor Yemi Osinbanjo, Nigerians and stakeholders took turn to criticize the move.

A notable political analyst, Japhet Omojuwa saide: “They can’t claim crypto traders in Nigeria are faceless. You register with your BVN, you verified based on KYC principles.

“This is nothing but a desperate attempt to ensure we’re happy with poverty alleviation moves. Instead of wealth innovation brings.”

According to a young Nigerian Uloma “I recall how previous administrations strive to sustain Nigeria on the track to catch up with the world advancement but with the coming of President Mohammad Buhari, every step the world takes forward Nigeria takes a thousand steps backward.

Read also: CBN did not actually ban cryptocurrency trading in Nigeria, see what happens

The war against protests, the unfathomable NIN-SIM linkage order etc are all aftermath of the #EndSARS for a second, during the protests they had no control over the youths, now they are seeking a total control of everything and everyone inside either dead or alive.”

Conclusion

While the Central Bank of Nigeria has given its reason for the latest move on crypto, it has been perceived as a wrong call grown out of mere fear, negative speculations and circumstances that can be placed under immense control while the economy continued to enjoy the advantage the blockchain technology affords, submerged in economic and human prosperity.

 

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