Cryptocurrency: ‘Act With Knowledge, Not In Fear’ – Osinbajo To CBN

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Vice President Yemi Osinbajo has thrown his weight behind the ranks of Nigerians who opposed the ban of cryptocurrency by the Central Bank of Nigeria (CBN).

In a video titled, ‘Cryptocurrency Regulation; “We must act in knowledge, not in fear’, posted on Osinbajo’s official handle, the VP said that regulators, reference to the CBN, should act in knowledge and not in fear.

He added that the “exciting developments” call for “prudence and care” in their adoption.

He said, “Cryptocurrency, in the coming years, [will] challenge traditional banking including reserve banking; in ways that we cannot yet imagine.

“Some of the exciting developments we see call for prudence and care in adopting them. And this has been very well articulated by our regulatory authorities.

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“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit, and in a position to prevent any of the adverse side effects or any of the..or any of the possible, even criminal acts that may arise or in consequence of adopting or taking any of these options”.

Nigerians React

Reacting to Osinbajo’s comments, Nigerians on Twitter have mostly praised the VP’s message.

Some of the comments are below:

Little Info…

Recall that the Central Bank of Nigeria (CBN) had issued a circular that directed all financial institutions to block all accounts transacting in cryptocurrency.

The regulatory body said that illicit transactions such as the purchase of hard drugs, small arms, among others were conducted through cryptocurrencies.

It described transactions through the use of digital currencies as “largely speculative, anonymous, and untraceable”.

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Kindness Udoh is a writer and media enthusiast with vast experience in journalism, copywriting, and features across beats. He also has professional certifications in creative writing. You can reach him via [email protected]

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