Cryptocurrency ban: “Address the concerns without killing the goose that might lay the golden egg” – VP Osinbajo

Vice President Yemi Osinbajo has spoken against the ban on cryptocurrency-related transactions in the country. He instead sought for it’s regulation

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

He averred that cryptocurrencies will in the coming years challenge traditional banking and other banking types in ways that cannot be imagined adding that there is need for preparation.

He said;

”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 cryptocurrencies 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.”