Osinbajo Urges CBN To Adopt Blockchain Technology

Vice-President Yemi Osinbajo says Nigeria may need to further broaden the scope of its banking licences in order to accommodate more players in the financial mediation value chain through the adoption of Blockchain technology.

Osinbajo said this on Monday while speaking on the theme ‘web 3.0, blockchain and DeFi: impact of Africa’s digital economy’, during his keynote address at the 3rd edition of the Nigeria digital economy summit (NDES) in Abuja.

He said blockchain technology, which allows digital information and transactional records to be securely stored and distributed, might disrupt central banking globally if it was not absorbed into the system.

“From a policy perspective here in Nigeria, we may need to again expand the range of banking licenses available to enable more players in the financial mediation value chain,” Osinbajo said.

“Even central banks all over the world will have to rethink their roles since blockchain will challenge the centralisation of monetary authority with its clear imperfections.

“Who knows? We might actually be in the last days of the central banking system as we know it.

“It is either the central banking systems all over the world will adopt blockchain technology, or they will be taken over by blockchain technology.

“We are certainly, in my view, the last of the central banking system; which means the space is open for all sorts of innovation in the central banking space.”

Osinbajo further said clear rules must be set to support crypto markets and trading in other digital assets.