It was on Friday, February 26, 2021, when the Vice President of Nigeria, Yemi Osinbajo delivered a speech at the economic summit. While talking about the economic condition in the country, Osinbajo also talked about the latest technologies in finance.
He talked about the contributions that the traditional finance infrastructure has been playing in the country as well as the entire world. Then he also talked about the alternatives to the traditional finance sector and that is when he talked about cryptocurrencies.
Despite the current crypto-situation in Nigeria, the Nigerian Vice President talked very positively about cryptocurrencies. He praised the performance, role, and potential of the crypto-blockchain industry that it is currently delivering in the entire world.
During his speech, he openly talked about the potential of the cryptocurrency-blockchain industry. He also talked about how the industry will challenge and compete with the traditional finance sector from around the world.
He stated that in the coming years, things will become very tough for the traditional financing and banking sector. He stated that the crypto-blockchain industry also has the possibility of giving birth to reverse banking. It has the potential to do it in such a way that no one would have ever imagined it.
The economic summit that took place on Friday, February 26, 2021, was hosted by the Central Bank of Nigeria.
The VP stated that the situation of the entire world is constantly changing and the pandemic had a huge role to play in it. With time, the financial structures and mechanisms are constantly changing even in Nigeria.
It is only a matter of time before the entire world experiences a seismic shift and that shift may come sooner than expected. Therefore, it is extremely important that Nigeria must be well-prepared for the change so when it knocks on the door, the country is ready to answer it.
Osinbajo also noted the broadness and vastness of the entire cryptocurrency industry. He also talked about the potential of the decentralized finance (DeFi) and how it is gaining constant growth and success in the entire world.
He stated that over the course of time, people are now getting used to creating contracts to create financial instruments through decentralized finance platforms.
The platform is now providing people the opportunity to get into the decentralized finance (DeFi) sector without having to worry about the involvement of third/central bodies.
He added that the decentralized finance (DeFi) sector is going to be the entity that will give the most amount of challenge to the traditional finance sector.
The VP talking so highly about the crypto-blockchain industry hints that the government of Nigeria is supportive of the ideology of adopting cryptocurrencies.
Therefore, the government is trying to get its message delivered to the Central Bank of Nigeria (CBN) by talking so highly about it.