Nigeria’s Vice President Yemi Osinbajo highlighted the positive impact of cryptocurrencies and blockchain, as well as the DeFi industry, on the financial system.
“There is no doubt that blockchain in general and cryptocurrencies in particular will change traditional banking in the coming years, including central banks. And they will change it in the most unpredictable way. We need to prepare for this systemic shift, it will happen sooner or later, ”the vice president said during a speech at the summit of the Central Bank of Nigeria.
Osinbajo stressed that the DeFi industry will use smart contracts to create new financial instruments that will eliminate intermediaries such as brokers or banks. These tools can completely transform the traditional financial system. The Vice President of Nigeria said:
“There is great development going on right now, but it requires caution and care in implementation. It is essential that they be well developed by our regulators. We need to act from a position of knowledge, not fear. We must choose such a position to get all the possible benefits, but prevent any adverse side effects, including criminal ones, that may arise from the introduction of new tools. ”
Recall that in early February, the Central Bank of Nigeria issued a ban on servicing cryptocurrency firms by commercial banks. However, a little later, the country’s legislators opposed this ban and called for high-quality regulation of the industry.
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