Regulate Crypto Operations, Ban Needless – Osinbajo Tells CBN, SEC

'Dotun Akintomide
Writer

Ad

Unknown Facts About Olufemi Oluyede, Waidi Shaibu, Other New Security Chiefs

By Abiola Olawale ​President Bola Tinubu's recent shake-up of the security architecture, which saw the appointment of General Olufemi Oluyede as the new Chief of Defence Staff (CDS) and Major-General Waidi Shaibu as the Chief of Army Staff (COAS), has dominated headlines. While their appointments signal a major shift in the nation's security strategy, many…

Tinubu Hails Nigeria’s Exit from FATF Grey List

By Abiola Olawale President Bola Ahmed Tinubu has hailed Nigeria’s formal removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring. This is as the President hailed the development as a "major milestone" and a "strategic victory" for the nation's financial integrity. ​The New Diplomat reports that FATF, a global financial…

Trump’s Sanctions Light a Fire Under Oil Prices

Oil markets roared back to life after Trump’s sanctions on Russia’s top oil producers sent prices surging. Trump’s sanctions on Russia’s top oil firms have cut short the past weeks’ downward pricing movement, with stories of record high crude on water, flattening backwardation curves and weakening Chinese SPR purchases now all put on the back…

Ad

From Segun Amure, (The New Diplomat’s Abuja Bureau)

Nigeria’s Vice President, Prof. Yemi Osinbajo has called on the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to come up with regulations for cryptocurrency operations in the country.

Osinbajo who spoke at the CBN Bankers’ Forum on Friday, noted that the ban on cryptocurrencies which has generated arguments among Nigerians was needless as it is not sustainable in the long-run.

He noted that cryptocurrencies will continue to challenge traditional banking system and also give room for efficiency and progress if allowed to work in the country.

His statement reads, “Clearly, the future of money and finance especially traditional banking must be exciting as it is frightening but as we’ve seen in many other sectors disruption makes room for efficiency and progress,” he said.

“I fully appreciate the position of the CBN, the Securities and Exchange Commission (SEC) and some of the anti-corruption agencies on some of the abuses of cryptocurrencies and their well-articulated concerns.

“I believe their position should be the subject of further reflection. There is a role for regulation here and it is in the place of our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without necessarily killing the goose that might lay the golden eggs.”

“Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift.

The New Diplomat had earlier reported that the Central Bank of Nigeria had directed banks and other financial institutions to close accounts of persons or entities involved in cryptocurrency transactions.

In its explanation, Nigeria’s apex bank argues that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit financial flows and other criminal activities to the country.

Ad

X whatsapp