Osinbajo says disruption often makes room for efficiency and progress
The Vice President of Nigeria Prof. Yemi Osinbajo has disagreed with the position of the Central Bank of Nigeria (CBN) and others on the cryptocurrency calling for the regulation of the digital currency.
Osinbajo said this in a viral video posted by his special assistant media and publicity, Laolu Akande on Twitter.
According to the VP, he said in many sectors disruption often makes room for efficiency and progress.
There is a role here for regulation and it is in the place of our monetary authorities and SEC to provide the robust regulatory regime that addresses these serious concerns without necessarily killing the goose that might lay the golden eggs.
He however fully appreciated the position of the CBN and Securities and Exchange Commission (SEC) and some of the anticorruption agencies agreeing on the possible abuses of cryptocurrencies and other well-articulated concerns but said he believes their position should be the subject of further reflection.
He also calls for scaling up of govt/private sector interventions because “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”