Yemi Osinbajo – Nigeria’s vice president, delivered a speech at an economic summit today on Friday within which he spoke positively of cryptocurrencies & blockchain technology.
“There is not any question that blockchain technology generally, and crypto assets especially, will within the coming years, challenge the existing banking system, along with the reserve banking, in ways in which we cannot yet imagine,” Osinbajo added on Friday during the central bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We got to be prepared for that seismic shift, and it’s going to come sooner than later,” he added.
The Nigerian president also revealed the broadness of the cryptocurrency businesses, mentioning ‘DeFi’, within the mix. “Decentralized finance, using smart contracts to make financial instruments, in situ of central financial intermediaries, like banks or brokerages, is about to challenge traditional finance,” he added.
Osinbajo’s speech, including a variety of other points, is posted on his YouTube channel. The Nigerian vice-chairman also tweeted out a video clip highlighting a number of his cryptocurrency comments from his talk.
“The point I’m making, is that a number of the exciting developments we see involve prudence and care in adopting them and these are very well-articulated by our regulatory authorities,” he added, explaining:
“But we must act with knowledge and not with fear. We must make sure that we are within a position to profit and also in a position to stop any of the adverse side effects, or any of the possible, even criminal, acts which will arise in consequence of adopting or taking any of those options.”
The comments are available in contrast to recent developments in Nigeria. Also earlier in February, Nigeria forbade banking interactions with cryptocurrency exchanges, as per a ruling from its central bank. The CBN’s governor also referred to as cryptocurrency assets illegitimate. Bitcoin [BTC] recently traded at a big premium within the region.