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Vice President of Nigeria calls for crypto regulation

Yemi Osinbajo, the Vice President of Nigeria, is against the banning of crypto, calls for it to be regulated instead

The Vice President of Nigeria, Yemi Osinbajo, calls for the regulation of cryptocurrency in retaliation to digital currency prohibitions. He believes that policy reform will emerge sooner than later as traditional banking structures start to deteriorate. 

Nigeria has been at the forefront for crypto in Africa, with the young demographic holding the most significant interest in cryptocurrency worldwide and are responsible for Nigeria emerging as the country with the highest number of "bitcoin" searches on Google.

This could be the result of the current turbulent economic climate with mass unemployment, a weak currency and inflation to name a few, which has prompted the population to seek alternatives. In this case, cryptocurrency has proven to be an antidote to many individuals financial struggles.

 

Prof Osinbajo speaking at the Bankers Committee Vanguard on Friday, shared:

I am sure you are all aware of the challenge that the traditional SWIFT system faces from a new system like Ripple, which is based on the blockchain distributed ledger technology with its crypto tokens. There is, of course, a whole range of digital assets spawned daily from blockchain technology. Decentralized finance, using smart contracts to create financial instruments in central financial intermediaries such as banks or brokerages, is set to challenge traditional finance. While the likes of Nexo finance offer instant loans using cryptocurrency as collateral. Even though, some reserve banks are investigating issuing their digital currencies.

He emphasises the motion for knowledge induced regulation as opposed to leaning towards fear of the unknown, adding:

The point I am making is that some of the exciting developments we see the call for prudence and care in adopting them, but we must act with knowledge and not fear

Uncover more about Nigeria's stance on cryptocurrencies such as Bitcoin here.

Source: E-Play Africa

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