Nigeria Vice President, Professor Yemi Osinbajo has called on Central Bank of Nigeria to act with knowledge and not in fear in the management of cryptocurrencies.
Osinbajo stated this few hours ago in a video posted on his personal tweeter handle.
According to the Nigeria Vice President, cryptoccurrency is the new way to go, adding that; Nigeria should be prepared as the digital currencies may challenge the traditional banking system in a way that is yet to be imagined.
“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.
“We must act in knowledge and not in fear.
“There is a role for regulation and a robust regulatory regime will address the serious conversations without necessarily killing the goose that lays the egg”, Osinbajo said in quote
It would be recalled Central Bank of Nigeria extended its ban on cryptocurrencies recently by mandating Deposit Money Banks, DMBs to close bank customers accounts that deals on cryptocurrencies in Nigeria.
CBN said it reason for the decision is that Cryptocurrencies encourage terrorism financing and money laundering.