Nigeria’s vice president Yemi Osinbajo Friday has stated that cryptocurrencies in the country should be regulated and not prohibited.
Osinbajo said this at the Bankers Committee Vanguard in Lagos State.
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.
So it should be thoughtful and knowledge-based regulation, not prohibition.
Although, Osinbajo said he appreciates the work of the CBN, SEC and some anti-corruption agencies.
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.
However he said the regulatory bodies must act with knowledge and not fear.
The point I am making is that some of the exciting developments we see call for prudence and care in adopting them, but we must act with knowledge and not fear.