In a clear condemnation of the Central Bank of Nigeria (CBN), Nigerian Vice President Yemi Osinbajo stated that the country’s monetary authorities must consider regulating crypto assets. He added that rather than “killing the geese that may lay golden eggs”, the Nigerian monetary authorities should consider providing a “robust regulatory system” to address their concerns.
The importance of disruptive technology
However, in his address Osinbajo said at the Banking Committee meeting that “he fully appreciates the position clarified by CBN”. Since the CBN ban came into effect, the leaders of both CBN and the Nigerian Securities and Exchange Commission (SEC) have defended the decision.
However, the Vice President of Nigeria suggested in his speech that the country’s regulatory agencies must consider adopting emerging and disruptive technologies. When talking about the impact of some disruptive innovations on the past, the vice president said:
“As seen in many other fields, interruptions provide room for efficiency and progress.”
At the same time, Osinbajo, who seems to hope that both CBN and SEC can learn from other areas, said that even with the use of cryptocurrencies, “regulation also has a role.” Regarding this provision, Osinbajo still said:
Therefore, considerate and knowledge-based supervision should be conducted, not prohibition. What I want to say is that we are seeing some exciting developments and we need to be cautious and cautious when adopting these processes. We must act with knowledge, not fear.
Chaos reigns supreme
At the same time, on Twitter, the reaction to the Vice President’s comments seemed to reignite the controversy surrounding the CBN ban. On the one hand, cryptocurrency opponents criticized Osinbajo’s remarks, while on the other hand, cryptocurrency players praised the Vice President’s remarks. Others said that the vice president’s speech exposed the level of chaos within the Nigerian government.
Twitter user Pedro Kalu Say“This shows that there is a lack of clear economic policies. The vice president should be the head of the economic team. Here he speaks verbally and the governor of CBN is on the other side.”
Another user, Rancho comment“They should have told CBN this before they made a rash decision. Vice President of Voice [and] Experienced Professor Osinbajo should have been consulted. Currently, the government does not speak or speak with a single voice. Discordant tunes. Bad policy. Chaos everywhere! “
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