Cryptocurrencies Challenge The Banking System – Prof Yemi Osibanjo

Cryptocurrencies Challenge The Banking System. VP Prof Yemi Osibanjo called  on the Central Bank of Nigeria to consider regulating cryptocurrencies rather than banning the digital currencies in Nigeria.

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According to https://www.myinfoclock.com/2021/02/trending-cryptocurrencies-in-coming.html, In a trending quote during the Bankers’ Commitee Vanguard in Lagos, Friday, Prof Osibanjo noted 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.”

The Vice President added that there is a need to regulate the digital assets in a way that Nigeria can benefit from them while still controlling the criminal activities that is likely to follow the adoption of digital currencies.

“I 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.

“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”, Prof Osibanjo added.

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The vice president is reacting to the recent clampdown  on cryptocurrencies by the Central Bank of Nigeria.