In a blatant reprimand from the Central Bank of Nigeria (CBN), Nigeria’s Vice President Yemi Osinbajo said the country’s monetary authorities need to consider regulating crypto assets. He adds that instead of “killing the goose that could lay the golden egg”, Nigerian monetary authorities need to consider a “robust regulatory system” that addresses their concerns.
The importance of disruptive technologies
Still in his address Speaking at a meeting of the Bankers Committee, Osinbajo said, “He fully appreciates the position that has been formulated by the CBN.” Since the CBN ban came into effect, those responsible 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 country’s regulators should consider leveraging emerging and disruptive technologies. Pointing out the impact of some disruptive innovations in the past, the vice president said:
“As seen in many other sectors, disruptions create space for efficiency and progress.”
Meanwhile, Osinbajo, who apparently wants both the CBN and SEC to align with these other sectors, says that “there is a role in regulation for cryptocurrencies as well.” Regarding this regulation, however, Osinbajo says:
So it should be thoughtful and knowledge-based regulation, not a ban. The point I am making is that some of the exciting developments we are seeing require caution and diligence in adopting them. We have to act with knowledge and not be afraid.
There is confusion
Meanwhile, the response to the Vice President’s comments on Twitter seems to have restarted the controversy surrounding the CBN ban. On the one hand, crypto opponents have attacked Osinbajo’s statements, on the other hand, crypto players praise the Vice President’s comments. Still others say the Vice President’s remarks highlighted the level of confusion within the Nigerian government.
A Twitter user named Pedro Kalu said: “This shows a lack of clear economic policy. The vice president is supposed to be the head of the economic team and here he speaks from one side of the mouth while the CBN governor does another.”
Another user, Rancho Remarks“This should have been told to the CBN before making this hasty decision. A TP as a tone [and] knowledgeable as Prof. Osinbajo should have been consulted. At the moment the government does not see or speak with one voice. Discordant melodies. Bad guidelines. Confusion everywhere! “
What do you think of comments from the Nigerian Vice President? You can share your views in the comments section below.
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