{"id":38110,"date":"2021-03-01T10:59:28","date_gmt":"2021-03-01T08:59:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38110"},"modified":"2025-08-30T02:57:50","modified_gmt":"2025-08-29T23:57:50","slug":"nigerias-vice-president-calls-for-a-cautious-rollout-of-blockchain","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigerias-vice-president-calls-for-a-cautious-rollout-of-blockchain\/","title":{"rendered":"Nigeria&#8217;s vice-president calls for a cautious rollout of blockchain"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">Blockchain and cryptocurrencies will inevitably transform the realm of traditional finance, but their adoption should not lead to adverse side effects. This was stated by Nigerian vice-president Yemi Osinbajo.<\/span><\/p>\n<p>\\n<!--more-->\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\"><p>\\n<\/p>\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Cryptocurrencies in the coming years will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine, so we need to be prepared for that seismic shift. <a href=\\\"https:\/\/t.co\/tbIR8eah2s\\\">pic.twitter.com\/tbIR8eah2s<\/a><\/p>\n<p>\\n<\/p>\n<p>\u2014 Prof Yemi Osinbajo (@ProfOsinbajo) <a href=\\\"https:\/\/twitter.com\/ProfOsinbajo\/status\/1365300799535009793?ref_src=twsrc%5Etfw\\\">February 26, 2021<\/a><\/p>\n<\/blockquote>\n<p>\\n<script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/p>\n<blockquote>\n<p><i><span style=\\\"font-weight: 400;\\\">&#8220;We must be prepared for this tectonic shift. It could happen sooner than we think.&#8221;<\/span><\/i><span style=\\\"font-weight: 400;\\\">, \u2014 said the vice-president.<\/span><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Osinbajo emphasised the need for careful, measured steps in policy toward adopting new technologies.<\/span><\/p>\n<p>\\n<\/p>\n<blockquote>\n<p><i><span style=\\\"font-weight: 400;\\\">&#8220;We must be confident that we have the ability to reap the benefits and prevent any adverse side effects, including criminal ones,&#8221;<\/span><\/i><span style=\\\"font-weight: 400;\\\"> \u2014 he explained.<\/span><\/p>\n<\/blockquote>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">In February 2021, the Central Bank of Nigeria <a href=\"https:\/\/u1f987.com\/en\/news\/nigeria-bans-banks-from-servicing-bitcoin-exchanges\">banned commercial banks<\/a> from providing services to cryptocurrency exchanges and companies dealing with digital assets.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">A week later <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-senate-calls-on-central-bank-to-explain-restrictions-on-bitcoin-exchanges\"><span style=\\\"font-weight: 400;\\\">the upper chamber of the Nigerian Parliament summoned the central bank governor<\/span><\/a><span style=\\\"font-weight: 400;\\\"> for a briefing on the opportunities and risks of cryptocurrencies.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">In autumn 2020, the Nigerian Finance Ministry and the national Securities and Exchange Commission began developing <a href=\"https:\/\/u1f987.com\/en\/news\/nigerian-authorities-to-develop-legal-standards-for-cryptocurrencies\">a regulatory framework<\/a> for digital assets.<\/span><\/p>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain and cryptocurrencies will inevitably transform traditional finance, but their adoption should not lead to adverse side effects. This was stated by Nigerian vice-president Yemi Osinbajo.<\/p>\n","protected":false},"author":1,"featured_media":38111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[150,36],"class_list":["post-38110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nigeria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38110"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38110\/revisions"}],"predecessor-version":[{"id":38112,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38110\/revisions\/38112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38111"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}