Yemi Osinbajo, the Vice President of Nigeria, has spoken positively about crypto and blockchain.
Osinbajo said during the Central Bank of Nigeria (CBN) Bankers’ Committee Economic Summit:
“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. We need to be prepared for that seismic shift, and it may come sooner than later.”
It has been reported that Osinbajo noted the broadness of the crypto industry by mentioning decentralized finance (DeFi) in the mix.
He added:
“Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance.”
However, Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. He also tweeted out a video clip highlighting some of his crypto comments from his talk.
He said:
“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities.”
Osinbajo added:
“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 possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”
Thus, the comments come in contrast to recent developments in Nigeria.
Nigeria's vice president included comments on crypto and blockchain in his speech, @benjaminpirus reports. https://t.co/63FG56NrHJ — Cointelegraph (@Cointelegraph) February 27, 2021
Source: Cointelegraph | Image: Shutterstock