Nigeria’s vice president Yemi Osinbajo on Friday called for the “regulation” of cryptocurrencies in the country, in reverse of the ban Central Bank of Nigeria (CBN) placed on digital currencies.
“There is a role for regulation here,” Osinbajo said
“And it is in the place of both our monetary authorities and SEC (Securities and Exchange Commission) 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,” he added.
Obinwannem News had reported that Central Bank of Nigeria censors cryptocurrency trading , but it has been said, since cryptocurrency is a decentralized commodity, no country can control it.
Read more here: National Assembly summons CBN gov, SEC DG over crypto currency ban
In conformance with the regulation, banks have stopped facilitating exchange of cryptocurrency, and ended ties with cryptocurrency companies such as the Binance exchange and social payments app Bundle.
Since July 2020, Nigerian banks have reduced the amount customers can spend abroad using debit cards as Nigeria’s economy continued to face dollar shortages due to the sharp fall in oil prices.
As of now, banks limit customers to withdraw less than $100.
This restriction made some Nigerians looked for a way to beat the restrictions set by financial institutions, hence, taking advantage of the digital currencies for their transactions.
“Nigeria has since become the world’s second-largest Bitcoin market after the United States,” Quartz Africa said in a December report.
Although, Osinbajo said he “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.”
He said regulatory bodies must “act with knowledge and not fear” as the digital currencies disruption will only make “room for efficiency and progress.”
“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,” he said.
In the same likelihood, the National Assembly summons CBN gov, SEC DG over crypto currency ban
Ifesinachi Nnabugwu reporting, Obinwannem News
