Nigeria’s Vice president Prof. Yemi Osinbajo, on Friday, disagreed with the Governor of Nigeria’s apex bank’s policy that technically placed a ban on cryptocurrencies in the west African country.
Osinbajo on Friday, Feb 26, 2021, called for a regulation of the crypto industry other than of an outright ban like the CBN is currently promulgating.
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Osinbajo said instead of an outright ban, the Securities and Exchange Commission (SEC) and Central Bank of Nigeria should create a regulatory road map.
He fully appreciated the stance of the CBN, Nigerian Securities and Exchange Commission (SEC), and law enforcement agencies on the possible abuses of crypto assets.
Osinbajo also called for the 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.’
His reaction was shared on social media in a tweet by Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President.
He wrote; ‘VP calls for robust regulation of cryptocurrency, not prohibition. He also calls for scaling up of govt/private sector interventions because ‘the task of national devp. requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year’
Nigerians especially the youthful population would be hoping that the CBN would consider the Vice-President’s appeal and upturn the controversial ban.