Nigeria’s Vice President Yemi Osinbajo has said cryptocurrencies should not be prohibited in the country, but regulated.
Above was the news headline that obviously must have gladden the hearts of majority in Nigeria. And when l said majority, l am talking of real majority, even more of the younger generation than those of us in Wole Soyinka’s “wasted generation”.
When Godwin Emefiele’s CBN prohibited cryptocurrency trade in Nigeria, ordering Nigerian banks to exit anything that smells of cryptocurrency; giving criminality associated with the trade as reason for banning it, many people knew that the CBN was being economical with facts of the matter.
Those Nigerians of deeper and initiated understanding knew why the CBN took the decision. They knew that #EndSARS protest and Sunday Gboho’s “deliverance mission” were the reasons for the CBN’s action. And the flip-flop decision of Nigerian’s today CBN, as announced on the cryptocurrency matter, is typical of Godwin Emefiele’s tenure at the apex bank.
Godwin Emefiele; a seasoned and well equipped professional Operator of the Nigerian monetary system (he was the managing director of Zenith bank before being appointed as CBN Governor), could not carry over his wealth of experience into the new portfolio of “Regulator’s” assignment given to him since 2014, and for a reason.
It is not that he lacked any knowledge of being a successful regulator but he obviously lacked the audacity of saying no to his employer, when given any-uneconomic order to implement, and this also must be for reasons. I beg to be permitted to escape discussing the reasons please.
Now the Nigerian Vice President; Professor Yemi Osinbajo, has come to our aids, helping to walk us out of the woods of dark ignorance Godwin Emefiele and his bosses somewhere in the Villa Rock of Aso; most of them without economic knowledge, walked us into.
The Senior Advocate of Nigeria and Professor of Law at the prestigious University of Lagos has spoken and with purposeful interrogation of the issue. Will the voice of wisdom be heard in this wild domain of absurdity that Nigeria has become?
First, let us read the erudite presentation of the old teacher from University of Lagos before drawing the curtain.
“There is need for regulation and not prohibition of Cryptocurrency. On the very topical issue of blockchain technology, digital assets, and cryptocurrencies let me say two things.
“First is that there is no question that blockchain technology generally and cryptocurrencies, in particular, will in the coming years challenge traditional banking, including reserve banking, in ways that we cannot yet imagine so we need to be prepared for that seismic shift.
“Secondly, I fully appreciate the strong position of the CBN, SEC, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies and their other well-articulated concerns. but I believe that their position should be the subject of further reflection.
“There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs.
“So, it should be thoughtful and knowledge-based regulation, not prohibition. The point I am making is that some of d exciting developments we see the call for prudence & care in adopting them, but we must act with knowledge and not fear,” Osinbajo said.
Will Godwin Emefiele and his Central Bank of Nigeria respond positively to this superior knowledge of Professor Yemi Osinbajo or want to remain within the domain of the unknowledgeable ignorants?
Nigerians are waiting to see what shall follow, in a manner reminiscent of late Bola Ige’s “sit-down look” syndrome.
Just another weird thought of The Guru.