Sunday, February 5, 2023

Cryptocurrency: Regulate It, Not Kill The Goose That May Lay The Golden Eggs – Osinbajo

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Vice President of the country Prof Yemi Osinbajo has called on the financial controlling bodies in Nigeria the Central Bank of Nigeria and the SEC to look for a way to regulate Cryptocurrency rather than despise of it, as doing that might just be us killing the goose that might lay the golden egg. Osinbajo on Cryptocurrency Prof Yemi Osinbajo made this call during his lecture at the Bankers Committee Vanguard in Lagos State earlier today, in Lagos State February 26, 2021.
”First is that 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 yet imagine so we need to be prepared for that seismic shift.

Clearly the future of money and finance, especially for traditional banking, must be as exciting as it is frightening. But as we have seen in many other sectors disruption makes room for efficiency and progress.

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Find A Way To Regulate Cryptocurrency Not Ban It – Osinbajo to CBN
Secondly, I fully appreciate the strong position of the CBN, SEC and some of the anti corruption agencies on the possible abuses of crypto currencies and their other well articulated concerns, but I believe that their position should be the subject of further reflection.

There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.”he said

The CBN on February 5 announced the ban on cryptocurrency. The apex bank alleged that the digital currency was being used to fund criminal activities like kidnapping, terrorism, and others.

Photo Credit: Getty

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