CBN Governor Finally Welcomes Osinbajo’s Counsel On Cryptocurrency

The Central Bank of Nigeria has acknowledged the Vice President, Professor Yemi Osinbajo, SAN, for his counsel in support of the regulation of digital currencies which has sparked some controversies among Nigerians after an order from the apex bank to commercial banks to restrict cryptocurrencies related transactions.

Osinbajo who spoke at the Bankers Committee Vanguard on Friday, said there is a role for regulation whereby both the monetary authorities and the security and exchange commission would “provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.”

In his announcement, the VP referred to that “blockchain era usually and cryptocurrencies, especially, will within the coming years project conventional banking, consisting of reserve banking , in approaches that we can't but believe so we need to be prepared for that seismic shift and it is able to come sooner than later. Already, remittance systems are being challenged. Blockchain generation will offer far cheaper alternatives for the type of fees being paid nowadays for pass-border transfers.

Acknowledging Osinbajo’s know-how-based propose on cryptocurrency, the CBN through its professional twitter manage, @cenbank, stated that VP’s advice is that allows you to make sure that they're in a function to prevent any of the unfavorable sode effect or eveb possible crook acts which could arise because of adopting blockchain generation.

The tweet reads “#Osinbajo advises #CBN to put in location a considerate & information based law, counseled on the need to make sure that we are in a position to prevent any of the negative side results or maybe feasible criminal acts which could arise resulting from adopting blockchain technology”.

The banking quarter performs a essential position in promoting extended & inclusive growth in Nigeria, VP #Osinbajo counseled #CBN for the ahead looking aid for boom related initiatives, mainly beneath the economic sustainability plan”.

“The VP #Osinbajo also commended the DMBs for their patriotic contributions to maintain boom but known as for the need to further deepen the supply of capital that could allow companies to grow over the long term,” the apex financial institution delivered.