Osinbajo mulls regulation on crypto, tasks CBN on what to do
Vice President Yemi Osinbajo has spoken on the recent ban of cryptocurrency operation in the country by the Central Bank of Nigeria (CBN).
Osinbajo said regulation of the currency should have been the best thing to do because bitcoin plays an important role in the global financial ecosystem.
The vice president who disclosed this via his official Twitter handle, however, appreciated the stance of the CBN, SEC, and other law enforcement agencies on the possible abuses of crypto assets.
He maintained that the cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.
According to him, “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.”
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. pic.twitter.com/tbIR8eah2s
— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021
Meanwhile, Senate summoned CBN Governor Godwin Emefiele for a briefing on the ban of Crypto transactions placed by the apex bank.
The upper chamber made the order through its committees on Banking, Insurance and other Financial Institution, ICT and Cybercrimes and Capital Market.
The federal lawmakers disclosed this via their official Twitter handle after Thursday’s plenary session.
This medium gathered that the committees are expected to drill Emefiele on the opportunities and threats of the Cryptocurrency on Nigerian economy and give feedback in two weeks.
The tweet read: ”Senate resolves to mandate the Committees on Banking, Insurance and other Financial Institutions, ICT and Cybercrimes, and Capital Market to invite the CBN Governor for briefing on.
