The vice president of Nigeria Yemi Osinbajo spoke positively and broke down the potential of cryptocurrencies and blockchain at an economic summit on Friday, January 26, 2021.
The Vice President’s statement officially uploaded on Youtube. It includes there’s no question that blockchain technology genarally, and cryptocurrencies in particular will in the coming years, challenge traditional banking and financial solutions.
“We need to be prepared for that seismic shift, and it may come sooner than later,”
The vice president also tweeted a video clip of that summit. The video clip highlights some of his cryptocurrency thoughts from the full talk.
The interesting fact is a prohibition rule on Nigeria’s commercial banks from providing service to cryptocurrency exchanges rolled out in February this year.
However, the Vice President gives plus points to the cryptocurrency industry by mentioning the broadness of the industry, noting Decentralized Finance, using smart contracts to create financial instruments. All those amazing concepts could challenge existing banking and financial solutions. The Vice President mentioned.