Vice President Yemi Osinbajo has called for the regulation of cryptocurrency in Nigeria, as against the prohibition of the digital currency according to a report by vanguard
Speaking at the Bankers Committee Vanguard on Friday, Prof. Osinbajo who spoke on a range of issues, touched on the issue of cryptocurrency.
“On the very topical issue of blockchain technology, digital assets, and cryptocurrencies let me say two things.
“First is that there is no question that blockchain technology generally and cryptocurrencies, in particular, will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift and it may come sooner than later. Already, remittance systems are being challenged. Blockchain technology will provide far cheaper options for the kind of fees being paid today for cross-border transfers.
Osinbajo noted that, “I am sure you are all aware of the challenge that the traditional SWIFT system is facing from new systems like Ripple, which is based on the blockchain distributed ledger technology with its own crypto tokens. There are, of course, a whole range of digital assets spawned daily from blockchain technology.