“Crypto currency should be innovatively regulated, not prohibited” — VP Yemi Osinbajo.

Nigeria’s Vice President Yemi Osinbajo has reacted to the prohibition of crypto currency transactions by the Central Bank of Nigeria.

The VP while addressing addressing participants at the One-day Special Summit on the Economy by Bank Company Executives Officers in conjunction with Vanguard held at Eko Hotel, Lagos on Friday, called for strict regulation of crypto currency in place of a prohibition.

His words; “Crypto currency should be innovatively regulated, not prohibited; we must act with knowledge not fear.”

Recall the Central Bank of Nigeria (CBN) on the 5th of February 2021, released a letter addressed to banks and other financial institutions which stated that dealing in cryptocurrencies and facilitating payment for cryptocurrency exchanges should be prohibited.