Nigeria’s vice president, Yemi Osinbajo speech at economic summit on Friday

[Charles-Tim]

The vice president of Nigeria speaks good about cryptocurrencies and blockchain, that it is better to regulate cryptocurrencies rather than ban. You can check the link below or click on the image for the YouTube video, he speaks on cryptocurrencies and blockchain around 13th minute 10 second of the video, quoted below.

              https://www.youtube.com/watch?v=lIAmxeBy0eY

Now on the topical issue of blockchain technology, digital assets and and cryptocurrencies, let me say two things

First is that there is no question that blockchain technology generally and cryptocurrencies in particular will in the coming years challenge traditional banking, including reserved banking, in ways we can not yet imaging, so we need to be prepared for that...shift, and it may come sooner than later. Already remittance systems are being challenged, blockchain technology will provide far cheaper options to the kind of fees paid today for cross border transfers by banks.

I am sure you are all aware of the traditional swift system is facing from new systems like ripple which is based on the blockchain distributed ledger technology with its own crypto tokens...

Clearly the future of money and finance especially for traditional banking must be as exciting as it is frightening. But as we see in many other sectors, disruption makes room for efficiency and progress.

Secondly I fully appreciate the position of the CBN, the SEC and some of the anti corruption agencies on the possible abuses of cryptocurrencies and their other well articulated concerns. But I believe that their position should be the subject of further reflection, there is a room for regulation here, and is in the place of our monetary authorities and SEC to provide a robust speculatory regime that addreses these serious concerns without necessarily killing the goose that might lay the golden eggs, so it should be fruitful and knowledge based regulation and not prohibition in my view. The point I am making is that some of the exciting development we see call for prudence and care in adopting them, and this has been very well articulated by regulatory authorities. But we must act with knowledge not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the possible halfaside effect or even criminal acts that may arise in consequence of adopting or taking any of these options.

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[Poker Player]

Very interesting, especially the sentence highlighted in bold. In the end, what happens is that the initial reaction to something that poses a threat is to prohibit, but when they understand what is happening, they realize that it will be better to adapt. Bitcoin, blockchain and cryptocurrencies are here to stay and countries that ban them will be at a disadvantage compared to those that allow them through regulations.

[Myleschetty]

This is quite a sensible statement from the Nigerian Vice president and I really admire his stance and impression about cryptocurrency because killing the goose that might lay the golden eggs is indeed never a solution but what I don't understand is the Nigerian President stance because if he supports crypto the CBN won't have raised the ban issue in the first place.

[BIT-BENDER]

 I think the vice president spoke very well on this one, but if the government want to regulate anything against crime, then in Nigeria they are far many other things to regulate that will be effectively regulated than crypto-currency, they can regulate the incoming of foreign currency in and out of the country, which has been how Cyber crimes in Nigeria collect payment, crypto-currency is now an alternative for them, but Nigerian government should start from the scratch to regulating crimes.

[verita1]

I found a link that summarizes what was said by Vice President Yemi Osinbajo of Nigeria.
 
There are also opinions from Nigerian users on Twitter who are commenting on it. Among the opinions there is one that is very accurate, such as after banning bitcoin. The same leader of the economic team speaks out against the CBN. I agree there are no clear economic policies. The best thing that could happen to Nigeria is that the economic team learns from the best advisers how to allow bitcoin and cryptocurrencies for the future of its economy.

https://news.bitcoin.com/nigerian-vice-president-yemi-osinbajo-contradicts-central-bank-says-cryptocurrencies-must-regulated-and-not-prohibited/

[Coyster]

I think the Nigerian government is simply undecided on what step it should take as regards crypto usage in Nigeria, first the CBN/government imposed a ban on crypto in Nigeria, next the SEC recommends that crypto shouldn't be banned but regulated in Nigeria and now it's the vice president Yemi concurring with what the SEC had initially said about cryptocurrencies and it's ban in Nigeria. All of this put together could prolly mean that the ban will sooner or later be lifted in Nigeria, with a shift to regulation of some sort.

The best thing that could happen to Nigeria is that the economic team learns from the best advisers how to allow bitcoin and cryptocurrencies for the future of its economy.

The Nigerian government should concentrate on reviving their economy and their fiat currency value, the Nigerian economy has seen better days for sure, and the government should be looking at measures to bounce back from the negative effects of the pandemic that they are currently facing, Bitcoin is fast growing in Nigeria, and quite a lot of Nigerians are benefiting from the network, it should thus be allowed to thrive.

[Stedsm]

The problem here is, it doesn't come out well to someone's personal comments and Governments too don't give a damn on a major person's comments whenever they try to talk crypto and push it to the next big extent. Big trials have been rejected before whenever they were made in order to promote crypto and it's a fact that can't be denied that Governments are tyrants that do their own, hardly listens to others.

[nicecrypto]

This is quite a sensible statement from the Nigerian Vice president and I really admire his stance and impression about cryptocurrency because killing the goose that might lay the golden eggs is indeed never a solution but what I don't understand is the Nigerian President stance because if he supports crypto the CBN won't have raised the ban issue in the first place.

Of cause, I don't believe the CNB would make that kind of move with out the approval from the president and I know this was a way of getting back to the youths in relation to what transpired during the #EndSars movement where Bitcoin were been sent to keep the movement going after some Bank Accounts of peaceful protestants where initially frozen by the same CBN/Government. Up till now I dont see any good reason for why they took that move. 

[slapper]

What confuses me is that they decide to ban bitcoin in the first place before implementing any regulation on cryptocurrency. This is not a good move at all because it can make the whole crypto market and ecosystem in this country become stagnant for an eternity time. According to his words, I can understand that the authorities are working as hard as they could in order to approve new laws and this prove that his understanding of cryptocurrencies is quite astonishing

They should proceed with this faster so as not to disturb any investors and crypto enthusiasts. Hope that Nigerian will have the greatest honeymoon with digital money

Or maybe it is just an external speech to conciliate the people and the international media

[Rruchi man]

I watched the clip, and I must say that I found it very interesting. It is still nice to know that some individuals in government of a country like Nigeria are still futuristic.

[meanwords]

What confuses me is that they decide to ban bitcoin in the first place before implementing any regulation on cryptocurrency. This is not a good move at all because it can make the whole crypto market and ecosystem in this country become stagnant for an eternity time. According to his words, I can understand that the authorities are working as hard as they could in order to approve new laws and this prove that his understanding of cryptocurrencies is quite astonishing

It's probably because the majority of their government are against cryptocurrency which is why the banning happened before regulation and there's the minority like the Vice President who supports Bitcoin. Well you know, it's the majority who always wins and the government controls this. Still, at least we have someone who is in a very high position that promotes cryptocurrency. It's a start.

[BIT-BENDER]

I watched the clip, and I must say that I found it very interesting. It is still nice to know that some individuals in government of a country like Nigeria are still futuristic.

You not from Nigeria and your reply is proving that, in Nigeria the government, politician can say something on the press and in action do another thing, they are on in a set like an auditorium of like minds and when they do something like this Ban of Crypto-currency, they are mostly all in it, the reality is they fear Crypto-currency and Bitcoin in the hands of Nigeria use, making them untameable, like how they can just freeze bank account of Nigerian citizens, they can do that to a Bitcoin wallet.

[just_Alice]

A wise decision.
I guess the penny dropped and the government finally gets that there's no stopping, cryptocurrency will spread whether they like it or not. They probably feel the situation slipping out of their hands, so, all they're left with is to look for "regulation" (or, in other words, possible ways to take control).
Nevertheless, regardless of the reasons why the gov is changing its mind and true intentions, softening the current regulations will be beneficial for the people of Nigeria and will allow them to pursue cryptocurrencies.

[semobo]

So he should be someone who understand the economic value of decentralized cryptocurrencies and its benefits to such countries like Nigeria, if they can regulate the use the country will make more revenue which can be used for the development of the country and can keep compounding it will make good for the country itself in long term. So its now like central banks vs ruling government in Nigeria?

[goldade]

I'm glad there is finally someone in government, as high as the vice president, who understands the numerous benefits of bitcoin and other cryptocurrencies. He is not bullied into accepting the CBN's stance on banning cryptocurrencies in the country
However, this begs a question. If the Vice-president supports cryptocurrencies and it was banned by the Central Bank, does this mean that the only power above the vice president, that is the president, is against cryptocurrencies and supports the ban
If this is true, then it shows how clueless the president of Nigeria is.

[Mpamaegbu]

I'm glad there is finally someone in government, as high as the vice president, who understands the numerous benefits of bitcoin and other cryptocurrencies. He is not bullied into accepting the CBN's stance on banning cryptocurrencies in the country
However, this begs a question. If the Vice-president supports cryptocurrencies and it was banned by the Central Bank, does this mean that the only power above the vice president, that is the president, is against cryptocurrencies and supports the ban
If this is true, then it shows how clueless the president of Nigeria is.

Prof Osinbajo is a spare tyre that seldom gets used even the car has an obvious flat because of the pride of the northern elites who think they know it all. This is the major reason Nigeria is where it is. The northern cabal has a firm grip on the entire country because of their allegiance to President Buhari while the rest of the western and eastern politicians are silenced with money because they're only after their own bellies, so to say. We saw a few times how Osinbajo's decisions taken in the absence of Buhari during his sick days were overturned when Buhari came back. I mean we're talking of a learned professor of law who acts the part of running domestic errands instead of being at the forefront of leadership in the country. In a sane society, Osinbajo would've resigned long time ago but this is Nigeria where politicians don't get to resign even when it's obvious they aren't needed any more. Osinbajo knows his onions but he isn't allowed to dish out that which he knows. Doing that will be termed going against the president and Osinbajo and his paymaster Tinubu don't want any of that because of their selfish political interest to remain relevant till 2023.

[Kong Hey Pakboy]

So he should be someone who understand the economic value of decentralized cryptocurrencies and its benefits to such countries like Nigeria, if they can regulate the use the country will make more revenue which can be used for the development of the country and can keep compounding it will make good for the country itself in long term. So its now like central banks vs ruling government in Nigeria?

Not just someone who understands the economic value of decentralized currency but that also indicates that the Vice President is a progressive person and he knows that the only way to move forward is to accept the new technologies that are pouring in, I mean we already have the technology its our stone age emotion that has been stopping us from advancing. I don't think that the Nigerian government going head to head with the central bank is going to be good for the people.

[Lorence.xD]

I'm glad there is finally someone in government, as high as the vice president, who understands the numerous benefits of bitcoin and other cryptocurrencies. He is not bullied into accepting the CBN's stance on banning cryptocurrencies in the country
However, this begs a question. If the Vice-president supports cryptocurrencies and it was banned by the Central Bank, does this mean that the only power above the vice president, that is the president, is against cryptocurrencies and supports the ban

The problem with this is that the Vice Presidents speech might be interpreted as a political maneuver to help make the public favor him more since he appears to be more progressive, it might not look like he is being bullied into favoring CBN but trust me that in politics, everyone pressures others to do their bidding and not everyone can see that. To answer the question from the quote above, I would say that this is up to them because in politics, your friend today might be your enemy tomorrow.

[Mpamaegbu]

The problem with this is that the Vice Presidents speech might be interpreted as a political maneuver to help make the public favor him more

Honestly, Osinbajo is lucky to have got away with that type of accusation as it's the stock in trade of the government in power (as if the lame opposition, the PDP, was any different while in power)

in politics, your friend today might be your enemy tomorrow.

The politicians will tell you that there's no permanent enemy but permanent interest. It truly beggars explanation how the brain of the average Nigerian politician is wired because they don't tend to think straight like the rest of the populace.

[Lorence.xD]

~

Honestly, Osinbajo is lucky to have got away with that type of accusation as it's the stock in trade of the government in power (as if the lame opposition, the PDP, was any different while in power)

What do you mean lucky, is the Nigerian government unstable to the point that the Vice President has to worry about his position just because he is saying something that opposes the ruling opinion?

~

The politicians will tell you that there's no permanent enemy but permanent interest. It truly beggars explanation how the brain of the average Nigerian politician is wired because they don't tend to think straight like the rest of the populace.

That is in a way the same so I think that if your friend doesn't have their interest align with yours then you better expect an enemy. I don't think that this kind of wiring in a politician's brain is an isolated case in Nigeria.