The Vice President of Nigeria, Professor Yemi Osinbajo has said that the country needs to regulate Cryptocurrency as opposed to its prohibition by the Central Bank of Nigeria.
The VP made this statement at the CBN Bankers’ Forum on the 26th February 2021.
“There is a need for regulation and not the prohibition of Cryptocurrency” the VP was quoted at the event.
This statement is coming just weeks after the CBN directed all banks in Nigeria to outlaw the use of bank accounts to operate Cryptocurrency. A stiff penalty of account closure was also attached to the directive which banks have already begun to enforce.