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Nigerian VP Supports Cryptos, Appeals for Care for Adoption

Cryptocurrency Dealer - Mark

After a ban by the Central Bank of Nigeria on banking contacts with crypto-based operations, Yemi Osinbajo, Nigeria's vice president, sees the opportunity for cryptocurrency and blockchain.

Reportedly, there are a diverse range of reactions towards Nigeria's apex bank's ban on cryptocurrencies. Some officials compared the ban to being stagnant when the rest of the world is moving ahead.

Nigeria's VP is the next crusader to press for regulation rather than a ban. When speaking at the Economic Summit on Friday, the VP talked enthusiastically about Bitcoin and blockchain. Osinbajo has said that will have to prepare for a large shift that could be coming in the near future.

The VP also listed decentralized finance in his speech, identifying it as a potential competitor to conventional finance. He called on regulators to behave from the point of view of experience and must react with wisdom, not with panic.

In the light of calls from several leading actors, the Central Bank of Nigeria could be compelled to recall its earlier decision and not attempt to stifle the burgeoning sector out of fear of the unknown.

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