Monday, October 18, 2021

    Nigerian VP see blockchain technology, cryptocurrency challenge traditional banking system in future, seeks regulation

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Nigeria’s Vice President, Yemi Osinbajo, has called for the regulation of cryptocurrency in Nigeria, as against the exclusion of the digital currency from the financial ecosystem in the country.

    He said this at the one-day special summit of the Bankers Committee organised by the Vanguard Newspaper on Friday at Eko Hotels and Suites, Lagos.

    Nigeria’s vice president Yemi Osinbajo
    The Guardian Nigeria

    Osinbajo who was the special guest at the event spoke on a number of issues affecting the economy of the country, including cryptocurrency.

    “On the very topical issue of blockchain technology, digital assets, and cryptocurrencies, let me say two things,” Osinbajo said.

    “First is that there is no question that blockchain technology generally and cryptocurrencies, in particular, will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift and it may come sooner than later.

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