Cryptocurrency should be regulated and not prohibited – Prof. Osinbajo, Vice President of Nigeria says.
The Vice President of Nigeria, Prof. Yemi Osinbajo today said Nigeria needs to regulate cryptocurrencies. Recently, the Central Bank of Nigeria banned financial institutions from processing cryptocurrency payments.
However, the Vice President said at the CBN Banker’s Forum today, that cryptocurrency should rather be regulated in Nigeria.
Currently, some banks have begun to close accounts of customers who trade cryptocurrencies. Meanwhile, accounts of some who have previously received crypto payments are likewise being closed.
However, it seems the Vice President wants CBN to be more flexible on this ban. Remember, last year, Nigeria became the second-largest crypto trader. Cryptocurrency companies like Paxful have also come out to say that Nigerians constitute about one-third of its total 1.3 million customers.
These announcements show the high level of blockchain adoption in Nigeria. Thus, as the Vice President said, a regulation will be better than a total prohibition.
Read what the Security and Exchange Commission of Nigeria also said about this issue here