Osinbajo advocates knowledge-based regulation for crypto-currency



Vice Yemi Osinbajo has said there was the need to develop a robust regulatory regime that was thoughtful and knowledge-based for crypto-currency.

Osinbajo said rather than adopt a policy that prohibited crypto-currency operations in the country, regulators must act with knowledge and not fear.

His spokesman, Laolu Akande, in a statement on Friday in Abuja, said the vice virtually delivered a keynote address at a one-day summit.

The summit was organised by the Central Bank of Nigeria (CBN), the Banker’s Committee, and the Vanguard Newspapers, themed “Bankers’ for Growth.”

“I fully appreciate the strong position of the CBN, Securities and Exchange Commission (SEC) and some of the anti-corruption agencies on the possible abuses of crypto-currencies and their other well-articulated concerns. But I believe that their position should be the subject of further reflection.

“There is a role for here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.

“So, it should be thoughtful and knowledge-based not prohibition; the point I am making is that some of the exciting developments we see call for prudence and care in adopting them, but we must act with knowledge and not fear,” he said.

On national development and the public and private sector interventions, the vice- emphasised that in order to engender sustained growth, must think in terms of scale.

“Given the size of our population, we cannot afford the luxury of pilot projects; we should design our interventions very carefully and then go big.

“After all, these just amounts to 400 houses per local government yet many of our local governments are larger than some African countries who would not consider building 400 houses in one year as too onerous a task.”

On the country’s from its second recession in four years, Osinbajo said policymakers, lawmakers and business had cause to cheer the relatively good performance in the face of the negative of the Covid-19 pandemic.

He attributed successes recorded to the early actions of the in providing an initial stimulus and then, constituting the Sustainability Committee and the ESP.

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