Don’t Ban Cryptocurrencies, Vice President of Nigeria Urges CBN

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Don't Ban Cryptocurrencies, Vice President of Nigeria Urges CBN

The Vice President of Nigeria Professor Yemi Osinbanjo has weighed in on the current cryptocurrency ban in an unprecedented video message posted on Twitter on February 26. According to the video made available to FXCryptonews, Osinbanjo wants the CBN to restrain caution on banning cryptocurrencies completely.

He further stated that cryptocurrencies in the future will challenge traditional banking and reserve banking in ways that cannot be imagined. The Vice President believes that prudence and care should be taken towards cryptocurrencies. He also added that the government should not act in fear and be ready to capitalize on the benefits of cryptocurrencies.

It should be recalled that the Central Bank of Nigeria (CBN) had issued a memo on February 5, placing a ban on banks and other financial providers from processing transactions for exchanges. It also mandated financial insitutions within the country to close accounts of customers that had performed cryptocurrency related transactions in the past.

This decision caused outrage in the country with youths and major stakeholders speaking out against the ban. The Securities and Exchange Commission also paused proposals regarding crypto regulation in the country. Earlier in the week the CBN governor Godwin Emefiele had hinted on stricter regulations when he called cryptocurrencies as money printed from thin air.

However the unprecedented broadcast from the Vice President shows that the government could be willing to listen to the concerns of the crypto community. Nigeria is the biggest bitcoin market in Africa several crypto exchanges had been affected by the directive of the CBN.

There will be expectations that the call by the Vice President will spark regulatory action and lead to a new era for the crypto industry in Nigeria.

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