Blockchain and cryptocurrencies will inevitably transform the realm of traditional finance, but their adoption should not lead to adverse side effects. This was stated by Nigerian vice-president Yemi Osinbajo.
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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. pic.twitter.com/tbIR8eah2s
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— Prof Yemi Osinbajo (@ProfOsinbajo) February 26, 2021
“We must be prepared for this tectonic shift. It could happen sooner than we think.”, — said the vice-president.
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Osinbajo emphasised the need for careful, measured steps in policy toward adopting new technologies.
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“We must be confident that we have the ability to reap the benefits and prevent any adverse side effects, including criminal ones,” — he explained.
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In February 2021, the Central Bank of Nigeria banned commercial banks from providing services to cryptocurrency exchanges and companies dealing with digital assets.
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A week later the upper chamber of the Nigerian Parliament summoned the central bank governor for a briefing on the opportunities and risks of cryptocurrencies.
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In autumn 2020, the Nigerian Finance Ministry and the national Securities and Exchange Commission began developing a regulatory framework for digital assets.
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