CBN ban on cryptocurrency: Nigeria VP Osibanjo say cryptocurrency need robust regulation, not ban
Nigeria Vice President Yemi Osibanjo, say di Central Bank of Nigeria no need to ban cryptocurrency but instead make dem do "robust regulation."
Di president say im appreciate all di concerns wey di CBN, Security and Exchange Commission (SEC) and some of di anti-corruption agencies bin raise as dia reason for di ban but add say dia work na to provide robust regulatory regime wey go address dis serious concerns. "I fully appreciate di position of di CBN, di security and exchange commission and some of di anti-corruption agencies on di possible abuse of cryptocurrency, and dia oda concerns wey dem present well, but I believe dia position suppose be mata for more reflection." Oga Osibanjo add say disruption dey always make room for efficiency and progress. Im come add say dem fit achieve serious regulations "witout necessarily killing di goose wey fit lay di golden egg." Di VP say no doubt say in some years to come blockchain technology and cryptocurrency go challenge banking as we sabi am, but di kontri must make sure say e position im sef to benefit as well as prevent side effect or criminal act wey fit come up sake of say dem dey use crypto. Di CBN say dem ban cryptocurrency to protect Nigerians, come give all di banks ultimatum to close any account wey di trade crypto. Central Bank of Nigeria Govnor Godwin Emefiele say dem no go eva accept cryptocurrency as di tin no be sometin dem go fit to monitor, so therefore dem no fit allow am to become moni for di kontri. Di Govnor tok dis one during im appearance before di National Assembly on Wednesday 24th, plus add say, cryptocurrency "na internet moni wey most pipo wey dey deal wit am no sabi anytin about am"