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Nigeria Vice President Says Blockchain and Crypto Will Challenge Current Finance System
Summary: Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. Osinbajo said, "There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. ...
Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain.
Osinbajo said, "There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine. We need to be prepared for that seismic shift, and it may come sooner than later".
The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, "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".
By Amy Liu
Tags: Blockchain,Crypto,Nigeria,Yemi Osinbajo
Link: Nigeria Vice President Says Blockchain and Crypto Will Challenge Current Finance System [Copy]
