Osinbajo disagrees with CBN’s cryptocurrency ban

Prof. Yemi Osinbajo, the Vice President of Nigeria, has disagreed with the Central Bank of Nigeria’s decision to ban cryptocurrencies.

Osinbajo on Friday, Feb 26, 2021, called for a regulation of the industry instead of an outright ban.

Osinbajo said instead of an outright ban, the Securities and Exchange Commission (SEC) and Central Bank of Nigeria should create a regulatory road map.

He fully appreciated the stance of the CBN, Nigerian Securities and Exchange Commission (SEC), and law enforcement agencies on the possible abuses of crypto assets.

Osinbajo also called for the scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all, at one stage China was building 1.9m housing units per year.”

His reaction was shared on social media in a tweet by Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President.

See his tweet below.

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." pic.twitter.com/IDdg7NDi9i

— Laolu Akande (@akandeoj) February 26, 2021