Nigerian Vice President Has Hinted That Crypto Might Give a Tough Competition To Traditional Finance

After the ban on crypto transactions by the Nigerians, the Vice President of Nigeria has made a speculation that there may be a sharp turn in the traditional financial structure and that he sees crypto assets emerging as at the top of these financial wars.

The crypto community of Nigeria was surprised and shocked when the most influential bank of the country posted a statement, warning all the financial institutions to stay away from doing and allowing crypto transactions.

The Nigerian Central Bank gave many arguments in order to justify their shocking decision, and it was surprisingly backed up by many influential figures who also spoke on the subject and gave their views.

Prof. Yemi Osinbajo, the Vice President of Nigeria, recently shared his views on the matter. He stated in an address at the Economic Summit of the CBN Banker’s Committee. He said that he sees a lot of growth in the crypto market, and he is hopeful that the digital assets will give a very tough competition to traditional finance and banking in the prevailing future.

The ban on crypto-assets has been hitting the headlines for quite a time now, and such a reaction for several weeks straight has forced the government officials to step up and explain the situation. The Vice President of Nigeria was the first to speak in support of the crypto space, as he mentioned in the summit he spoke at, which was hosted yesterday by the Central Bank of Nigeria.

The Vice President said that we have to take every step strategically, and we should incorporate the blockchain technology but do it in such a way that we reap all the benefits that it has to offer while staying away from all the risks that are associated with it.

Before the statement issued by the Vice President of Nigeria, the Governor of the CBN defended the ban on crypto transactions publicly and said that there is no proof that cryptocurrencies exist and they are a scam that is facilitating the work of dangerous people.

Investors are saying that the CBN is intimidated by the fact that the crypto space has gained more attention than the traditional banking system and foster more transactions than their stock exchange which might lead to them replacing traditional banks, and this makes them afraid.