Despite the recent ban on cryptocurrency transactions by the Central Bank of Nigeria, CBN, the Vice President of Nigeria, Yemi Osinbanjo has expressed support for the use of the digital coin in the country.
The VP in a video released on his official Twitter page, titled, ‘We must act in knowledge and not in fear’, stated that, “Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift.”
He also stated that, “Some of the exciting developments we see, call for prudence and care in adopting them and these are very well articulated by our regulatory authorities.
“But we must act with knowledge and not with fear, we must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects of any of the possible even criminal act that may arise as a consequence of adopting or taking any of these options”.
Recall that on the 5th of February, 2021, The Central Bank of Nigeria (CBN) ordered Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.
The apex Bank also reminded regulated institutions dealing in crypto currencies or facilitating payments for cryptocurrency exchanges that it is prohibited.