{"id":190137,"date":"2021-02-27T03:19:15","date_gmt":"2021-02-27T00:19:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says\/"},"modified":"2021-02-27T03:19:15","modified_gmt":"2021-02-27T00:19:15","slug":"blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says\/","title":{"rendered":"# Blockchain and crypto will challenge current finance, Nigeria VP says"},"content":{"rendered":"

“# Blockchain and crypto will challenge current finance, Nigeria VP says <\/strong>”
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Nigeria\u2019s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain.\u00a0<\/p>\n

\u201cThere is no question that blockchain technology<\/a> general<\/a>ly, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,\u201d Osinbajo said<\/a> on Friday during the Central Bank of Nigeria, or CBN, Bankers\u2019 Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.<\/p>\n

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermedia<\/a>ries, such as banks or brokerages, is set to challenge traditional finance,” he said.\u00a0<\/p>\n

Osinbajo\u2019s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted<\/a> out a video clip highlighting of some of his crypto comments from his talk.<\/p>\n

\u201cThe point I\u2019m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,\u201d he said, adding:<\/p>\n

\u201cBut we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.\u201d<\/p><\/blockquote>\n

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN\u2019s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.<\/p>\n