![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/02\/nigerian-vice-president-yemi-osinbajo-contradicts-central-bank-says-cryptocurrencies-must-regulated-and-not-prohibited-768x432.jpg\")
<\/p>\n<\/p>\n
In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country\u2019s monetary authorities must consider regulating crypto assets. He adds that instead of \u201ckilling the goose that might lay the golden egg\u201d, Nigerian monetary authorities must consider providing a \u201crobust regulatory regime\u201d that addresses their concerns.<\/strong><\/p>\n Still, in his address<\/a> at a Bankers Committee meeting, Osinbajo says \u201che fully appreciates the position\u201d that has been articulated by the CBN. Since the CBN prohibition went into effect, leaders at both the CBN and the Nigeria Securities and Exchange Commission (SEC) have defended<\/a> this decision.<\/p>\n However, in his speech, the Nigerian Vice President suggests that the country\u2019s regulators must consider embracing emerging and disruptive technologies. Pointing to the past impact of some disruptive innovations, the Vice President said:<\/p>\n \u201cAs seen in many other sectors, disruption makes room for efficiency and progress.\u201d<\/p>\n Meanwhile, Osinbajo, who seemingly wants both the CBN and the SEC to take a cue from these other sectors, says \u201cthere is a role for regulation\u201d even with cryptocurrencies. Still, concerning this regulation, Osinbajo says:<\/p>\n So it should be thoughtful and knowledge-based regulation, not prohibition. The point I am making is that some of the exciting developments we see call for prudence and care in adopting them. We must act with knowledge and not fear.<\/p>\n<\/blockquote>\n In the meantime, on Twitter, reaction to the Vice President\u2019s comments appears to have reignited the controversy that surrounds the CBN prohibition. On one hand, crypto opponents have attacked Osinbajo\u2019s remarks while on the other hand, crypto players are lauding the Vice President\u2019s comments. Still, others say the Vice President\u2019s remarks laid bare the extent of confusion inside the Nigerian government.<\/p>\n A Twitter user known as Pedro Kalu said<\/a>: \u201cThis shows lack of clear economic policy, The Vice-president is supposed to be the leader of the economic team and here he is speaking from one side of the mouth while the CBN Governor does another.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\nThe Importance of Disruptive Technologies<\/h2>\n
\n
Confusion Reigns Supreme<\/h2>\n
![\"Nigerian](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/02\/nigeria-vp.png\" "\\"Nigerian")
<\/p>\n