In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the countryâ€™s monetary authorities must consider regulating crypto assets. He adds that instead of â€œkilling the goose that might lay the golden eggâ€, Nigerian monetary authorities must consider providing a â€œrobust regulatory regimeâ€ that addresses their concerns.
The Importance of Disruptive Technologies
Still, in his address at a Bankers Committee meeting, Osinbajo says â€œhe fully appreciates the positionâ€ that has been articulated by the CBN. Since the CBN prohibition went into effect, leaders at both the CBN and the Nigeria Securities and Exchange Commission (SEC) have defended this decision.
However, in his speech, the Nigerian Vice President suggests that the countryâ€™s regulators must consider embracing emerging and disruptive technologies. Pointing to the past impact of some disruptive innovations, the Vice President said:
â€œAs seen in many other sectors, disruption makes room for efficiency and progress.â€
Meanwhile, Osinbajo, who seemingly wants both the CBN and the SEC to take a cue from these other sectors, says â€œthere is a role for regulationâ€ even with cryptocurrencies. Still, concerning this regulation, Osinbajo says:
Confusion Reigns Supreme
In the meantime, on Twitter, reaction to the Vice Presidentâ€™s comments appears to have reignited the controversy that surrounds the CBN prohibition. On one hand, crypto opponents have attacked Osinbajoâ€™s remarks while on the other hand, crypto players are lauding the Vice Presidentâ€™s comments. Still, others say the Vice Presidentâ€™s remarks laid bare the extent of confusion inside the Nigerian government.
A Twitter user known as Pedro Kalu said: â€œThis shows lack of clear economic policy, The Vice-president is supposed to be the leader of the economic team and here he is speaking from one side of the mouth while the CBN Governor does another.â€
Another user, Rancho remarks, â€œThis should have been said to the CBN before they made that rash decision. A VP as sound [and] knowledgeable as Prof. Osinbajo should have been consulted. Right now, the govt doesnâ€™t look or speak with one voice. Discordant tunes. Bad policies. Confusion everywhere!â€
What are your thoughts on comments that were made by the Nigerian Vice President? You can share your views in the comments section below.
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