The Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, SAN, has advised the Central Bank of Nigeria and its Governor, Dr. Godwin Emefiele, to reconsider the ban on bitcoin, blockchain and cryptocurrency accounts. The technocrats made this statement in a keynote address at the CBN Banker's Committee Economic Summit held today in Abuja. A video of the statement was also made available in his verified twitter handle.
"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 Vice President said in the address that has attracted so many reactions in the social media. "We must act in Knowledge, not in fear" he also added.
Recall that the Central Bank of Nigeria (CBN) earlier suspended the withdrawal of earnings done in the cryptocurrency and blockchain markets most especially Bitcoins. This move has also lead to the rise of the bitcoin market in Nigeria and neighboring regions.
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