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Cryptocurrency: There is need for regulation and not prohibition ~ Osinbajo

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The Vice President of Nigeria, Yemi Osinbajo has indirectly faulted the ban that was ealier slammed on cryptocurrency trading by the Central Bank of Nigeria (CBN).

Osinbajo while speaking at the CBN Bankers’ Forum said instead of prohibiting the use of cryptocurrency in the country, efforts should be made to regulate it.

He said, “There is need for regulation and not prohibition of Cryptocurrency”.

Recall that the Central Bank of Nigeria on January gave a marching orders to commercial banks to close every cryptocurrency accounts.

They were also warned never to carry out any form of cryptocurrency transaction and any commercial bank that default will be sanctioned.

 

However, the drastic decision taken by the apex bank was criticised by millions of Nigerians, who accused the government of lacking common sense in the management of the economy.


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