Home Business Cryptocurrencies: Osinbajo seeks regulation, not outright ban

Cryptocurrencies: Osinbajo seeks regulation, not outright ban

by Kunle Awosiyan

The Vice President, Prof. Yemi Osinbajo, has asked the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to regulate the operations of cryptocurrencies and blockchain technologies.

Osinbajo, who spoke ON SATURDAY during a one-day special summit on the economy by bank chief executive officers said he fully agreed with the positions of SEC, CBN and other anti-corruption agencies on the dangers of trading in cryptocurrencies, but the right thing to do was to regulate their operations.

The CBN had two weeks ago banned banks and other financial institutions from trading on cryptocurrencies or providing banking services to companies involved in the business.

CBN governor, Godwin Emefiele, said the decision was in the best interest of Nigerian depositors and the country’s financial system.

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