CBN: We Acknowledge Osinbajo’s Counsel On Cryptocurrency Ban | TimeTestedNews

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The Central Bank of Nigeria (CBN) has acknowledged the counsel of Vice President Yemi Osinbajo, which is in support of the regulation of digital currencies, instead of an outright ban.

The apex bank had earlier ordered commercial banks to restrict cryptocurrencies related transactions.

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But the Vice President, on Friday, said there is a role for regulation whereby both the monetary authorities and the security and exchange commission would “provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.”

Acknowledging Osinbajo’s knowledge-based advise on cryptocurrency, the CBN via its official twitter handle, @cenbank, noted that VP’s advice is so as to ensure that they are in a position to prevent any of the adverse side effect or even possible criminal acts that may arise as a consequence of adopting blockchain technology.

The tweet reads “#Osinbajo advises #CBN to put in place a thoughtful & knowledge-based regulation, cautioned on the need to ensure that we are in a position to prevent any of the adverse side effects or even possible criminal acts that may arise as a consequence of adopting blockchain technology.

“The banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria, VP #Osinbajo commended #CBN for the forward-looking support for growth-related initiatives, especially under the economic sustainability plan.

“The VP #Osinbajo also commended the DMBs for their patriotic contributions to sustain growth but called for the need to further deepen the provision of capital that would allow businesses to grow over the long term.”