VP Osinbajo has called for the regulation of the cryptocurrency rather than outright ban. He wrote:

“Rather than adopt a policy that prohibits cryptocurrency operations in the country, we must act with knowledge and not fear and develop a robust regulatory regime that is thoughtful and knowledge-based”

“I fully appreciate the strong position of the CBN, Securities and Exchange Commission (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”, Osinbajo  concluded.