Nigeria seems to be rendering a positive notion towards the cryptocurrency industry, amidst the current bull run. While the governor of the Central Bank of Nigeria [CBN], recently classified cryptocurrencies as illegitimate, the latest news came as a ray of hope for crypto lovers of the country.
The cryptocurrency industry had to fight hard to shun off its association with the dark web. Despite, the noteworthy growth of Bitcoin and the altcoins, the higher-ups from several countries continued to diss the digital asset industry. However, individuals across the globe have become more accepting of Bitcoin as well as other currencies. Nigeria’s vice president, Yemi Osinbajo is substantial proof of the same.
Nigeria’s VP Believes Crypto Could Challenge Current Financial System
Speaking at the Bankers’ Committee Economic Summit that took place on Friday, the vice president pointed out that there was no doubt about the potentials the blockchain and the crypto industry would entail in the future. Similar to other nations, Nigeria was seen preparing for the inevitable change that the world would be coming across in terms of digitalization. He added,
“There is no question that blockchain technology generally, and cryptocurrencies, in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. We need to be prepared for that seismic shift, and it may come sooner than later.”
Osinbajo seemed to be serious about inducing crypto into the country as he elaborated on the regulatory part of the industry.
Every exciting development would require “prudence and care” especially during the adoption stage, he suggested. The vice president further stressed the fact that the government was required to act with knowledge as opposed to fear.
The vice president further said,
“We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”
Furthermore, Osinbajo addressed the decentralized finance aka DeFi wing as well. Speaking about the same he suggested that the services that DeFi offers could challenge traditional finance.