Nigerian Vice President Yemi Osinbajo gave a speech at an economic summit on Friday in which he spoke positively about crypto and blockchain.
“There is no question that blockchain technology in general, and cryptocurrencies in particular, will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine in the years to come,” Osinbajo said on Friday of the Central Bank of Nigeria CBN, Economic Summit of the Bankers Committee. “We have to be prepared for this seismic shift and it can come sooner rather than later,” he said.
The Nigerian vice president also pointed to the breadth of the crypto industry, mentioning decentralized funding (DeFi) in the mix. “Decentralized financing, which uses smart contracts to create financial instruments instead of central financial intermediaries like banks or brokers, will challenge traditional financing,” he said.
Osinbajo’s speech, which included a number of other points, will be posted on his YouTube channel. The Nigerian vice president also tweeted a video clip highlighting some of his crypto comments from his talk.
“The point I am making is that some of the exciting developments we are seeing require caution and care to be adopted and these have been very well articulated by our regulators,” he said, adding:
“But we have to act with knowledge and not with fear. We must ensure that we are able to take advantage of and prevent the adverse side effects or possible, even criminal acts, that may result from accepting or taking any of these options. “
The comments contrast with recent developments in Nigeria. In early February, Nigeria banned banking interactions with crypto exchanges, according to a decision by its central bank. The governor of the CBN also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.
