Vice President Yemi Osinbajo says it has become urgent for central banks around the world to adopt blockchain technology.
Osinbajo made this submission in his keynote address at the third edition of Nigeria Digital Economy Summit (NDES) on Monday in Abuja.
The theme of the summit is, “Web 3.0, Blockchain and DeFi: Impact of Africa’s Digital Economy.
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Osinbajo cautioned that 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.
He said it had become necessary for Nigeria to further broaden the scope of banking licences in order to accommodate more players in the financial mediation value chain.
“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.
“Even central banks all over the world will have to rethink their roles,...
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