Since the recent crypto prohibitory directives by the CBN, many Nigerians and local crypto bodies have been heavily affected.
Nigerians, mostly youth, BICCON, a well-known crypto body, and the Nigerian senate have sounded opposition via public speaking and social media. Now, the Nigerian vice president Yemi Osinbajo gives his views against the crypto ban.
“Killing the goose that may lead the golden egg,” states Yemi Osinbajo.
The vice president also states that he appreciates the concerns articulated by CBN but that authorities should instead enforce a “robust regulatory regime” than executing total prohibition;
“So it should be thoughtful and knowledge-based regulation, not prohibition. The point I am making is that some of the exciting developments we see call for prudence and care in adopting them. We must act with knowledge and not fear.”
The vice president adds that the authority should maintain flexibility as regards to laid down methodologies. They should instead embrace new and disrupt traditional monetary technologies.
“As seen in many other sectors, disruption makes room for efficiency and progress.”
In my opinion, such statements addressing these directives should have been made quite earlier than this. The ban was a hasty decision with actions immediately carried out without first informing the public nor those who had already invested in crypto assets.
Not only is the citizen body and crypto user population threatened, but locally based exchanges as well suffer losses. Nigerian-based crypto exchange businesses have reported a massive decline in operations due to the ban.
Even some peculiar reports concerning asset theft have been reported. This occurred within the accounts of two Nigerian corporate bodies. Their assets were wiped out, and then accounts were shut down. This is no coincidence if you ask me, and I am confident other similar cases exist resulting from the ban.
In general, I think that the Nigerian government wallows in confusion. Some Nigerian Twitter users agree;
“This shows lack of clear economic policy, The Vice-president is supposed to be the leader of the economic team, and here he is speaking from one side of the mouth while the CBN Governor does another.”
“This should have been said to the CBN before they made that rash decision. A VP as sound [and] knowledgeable as Prof. Osinbajo should have been consulted. Right now, the govt doesn’t look or speak with one voice. Discordant tunes. Bad policies. Confusion everywhere!”
It makes no sense that the CBN is not adhering to higher powers with regard to its decisions. There is a disconnect between CBN, the senate, the people, and even the Vice President.
