Nigeria’s vice president, Yemi Osinbajo, reportedly shared a positive outlook regarding the potential role crypto and blockchain will play, during a discussion at an economic summit. 

Specifically, from Osinbajo’s point of view, it can clearly be seen that blockchain overall and crypto in particular, will in the next years, pose as a real rival for traditional banking, including reserve banking, “in ways that we cannot yet imagine”, and he calls for parties to brace themselves for the changes they bring. 

The Nigerian vice president further took into account the vastness of the crypto sphere, with a reference to DeFi, in the mix. 

“Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance”. 

Osinbajo reportedly clarified his points, stating that numerous of the developments nowadays require a certain level of cautiousness and care, adoption-wise, which have been “very well-articulated by our regulatory authorities”. 

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

Bitcoin has reportedly been trading at a noteworthy premium across the area.