Regulate Cryptocurrency Don’t Kill It, Osinbajo Tells CBN

February 26, 2021
News

Vice President Yemi Osinbajo on Friday said cryptocurrencies should be regulated in Nigeria instead of “killing” it.

He made the remarks during a keynote at the CBN/Bankers Committee’s Initiative for Economic Growth.

The CBN had recently reaffirmed its oppositional stance towards cryptocurrencies, placing huge restrictions on its trade within Nigeria.

According to the CBN, cryptocurrencies are “issued by unknown and unregulated entities” and are increasingly being used to conduct ” many illegal activities including money laundering, terrorism financing, purchase of small arms and light weapons, and tax evasion.”

However, Osinbajo believes the CBN and other oversight agencies should consider regulating the financial technology rather than totally shut it down.

“It is clear to the government that we must find a way of moving the Nigerian digital economy into overdrive,” he said.

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