Blog Politics

Address The Concerns Without Killing The Goose That Might Lay The Golden Egg – VP Osinbajo Speaks Against Ban On Cryptocurrency{Video}

Address The Concerns Without Killing The Goose That Might Lay The Golden Egg - VP Osinbajo Speaks Against Ban On Cryptocurrency

Vice President Yemi Osinbajo has called for the regulation of cryptocurrencies in the country instead of the ban placed on it by the Central Bank of Nigeria CBN.

Osinbajo made the call when he spoke at the Bankers Committee Vanguard in Lagos State yesterday February 26.

”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.

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 cryptocurrencies. The apex bank alleged that the digital currency was being used to fund criminal activities like kidnapping, terrorism, and others.

Related posts

Adams Oshiomhole’s masquerade will dance naked in the market — Bukola Saraki says

admin

Federal Government Lifts Ban On Interstate Travel As Schools Re-open For Graduating Students.

admin

Former Hull City Youth Team Player, Thomas Beattie Announces He Is gay..

admin
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x