Vice President Yemi Osinbajo has called for the regulation of cryptocurrency rather than the subsisting ban its trading activities.
The Vice President’s Special Assistant on Media and Publicity, Laolu Akande, who disclosed this in a tweet on Friday, stated that Osinbajo also called for increased government/private sector intervention in national development.
He shared a video in which the Vice President said, “I fully appreciate the positions of the CBN, the Securities and Exchange Commission, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies and their other well-articulated concerns. But I believe that their position should be the subject of further reflection. There is a role for regulation here.”
Laolu also tweeted, “VP calls for robust regulation of cryptocurrency, not prohibition. He also calls for scaling up of govt/private sector interventions because “the task of national devp. requires that we fire on all cylinders, afterall at one stage China was building 1.9m housing units per year.”
The Central Bank of Nigeria (CBN) had enforced the ban on all cryptocurrency transactions on February 5, 2021.
Consequently, it ordered the commercial banks in the country to immediately close all accounts used in trading cryptocurrency or face severe sanctions.
