{"id":221268,"date":"2022-10-11T09:47:48","date_gmt":"2022-10-11T08:47:48","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=221268"},"modified":"2022-10-11T09:47:48","modified_gmt":"2022-10-11T08:47:48","slug":"why-cbn-needs-to-adopt-blockchain-technology-osinbajo","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/10\/11\/why-cbn-needs-to-adopt-blockchain-technology-osinbajo\/","title":{"rendered":"Why CBN needs to adopt blockchain technology &#8211; Osinbajo"},"content":{"rendered":"<p>Professor Yemi Osinbajo has stated that Nigeria may need to further broaden the scope of its banking licences in order to accommodate more players in the financial mediation value chain.<\/p>\n<p>This was stated on Monday by Osinbajo<span class=\"acssf62a8\">\u00a0during his keynote address at the 3rd edition of the Nigeria digital economy summit (NDES) in Abuja.<\/span><\/p>\n<p><span class=\"acssf62a8\">Speaking on the theme \u2018web 3.0, blockchain and DeFi: impact of Africa\u2019s digital economy\u2019,\u00a0<\/span>Osinbajo urged central banks around the world to adopt <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/10\/07\/obajana-cement-closure-protesting-trailer-drivers-block-abuja-lokoja-highway\/\">blockchain<\/a> technology.<\/p>\n<p><span class=\"acssf62a8\">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.<\/span><\/p>\n<p>The Central Bank of Nigeria (CBN) in 2021 directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.<\/p>\n<p><span class=\"acssf62a8\">\u201cFrom 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,\u201d Osinbajo said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cEven 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.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWho knows? We might actually be in the last days of the central banking system as we know it.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cIt is either the central banking systems all over the world will adopt blockchain technology, or they will be taken over by blockchain technology.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWe 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.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">Osinbajo further said clear rules must be set to support crypto markets and trading in other digital assets.<\/span><\/p>\n<p><span class=\"acssf62a8\">He said it was evident that the same old banking licences that were in use were no longer tenable.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cIn the past, there was only one type of banking licence that cost N25 billion in the past few years. These are excellent policy changes that took place with a lot of pressure from young men and women in the tech and entertainment space,\u201d he added.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe CBN has modified and there are different types of banking licences which is why we have fintechs, the unicorns because they are using different cadres of CBN licence that do not require N25 billion share capital.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cSo, for example, Kuda and several others have a different type of licence. Flutterwave and Paystack are in some form of banking or the other.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cWith the new iteration, with web 3, we have to rethink and create other types of licences that are much cheaper so that more participants can come into that space.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">Also speaking at the event, Lanre Osibona, founder and chief executive officer, Foresight Group, said digital transformation was a formidable force for change in Nigeria.<\/span><\/p>\n<p><span class=\"acssf62a8\">Osibona said concerted efforts are needed in driving digital transformation in Nigeria.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cCollectively, we must begin to address strategic action that will support Africa\u2019s tech transformation as well as Nigeria\u2019s tech ecosystem and digital economy,\u201d he said.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cInnovation to change sectors including banking and finance, health, education, agriculture, hospitality and urban and industrial development is critical.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cBlockchain technology for agriculture is gaining momentum particularly now for traceability, access, market and precision monitoring of critical issues identified in the food value-chain of the agricultural sector from production to final production.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Professor Yemi Osinbajo has stated that Nigeria may need to further broaden the scope of its banking licences in order to accommodate more players in the financial mediation value chain. This was stated on Monday by Osinbajo\u00a0during his keynote address at the 3rd edition of the Nigeria digital economy summit (NDES) in Abuja. Speaking on [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":3116,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[16587],"tags":[36067,1172,47933,805],"class_list":["post-221268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-technology","tag-central-bank-of-nigeria","tag-nigeria-digital-economy-summit-ndes","tag-yemi-osinbajo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - 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