Nigerian Vice President Yemi Osenbago delivered a speech at the Economic Summit on Friday in which he spoke positively about crypto and blockchain.

“There is no doubt that blockchain technology in general and cryptocurrencies in particular in the coming years will challenge traditional banking services, including backup banking, in ways that we still cannot imagine,” Osinbajo said Friday at the Central Bank of Nigeria. … CBN, Banking Commission Economic Summit. “We have to be prepared for a seismic shift that could happen sooner rather than later,” he said.

The Vice President of Nigeria also indicated the size of the crypto industry and mentioned the decentralized economy, or DeFi, in it. He said, “Decentralized financing by using smart contracts to create financial instruments instead of central financial intermediaries such as banks or brokerage firms challenges traditional financing.”

Osinbajo’s speech, including several other highlights, will be posted on his YouTube channel. The vice president of Nigeria also tweeted a video highlighting some of his coded comments on his speech.

He said, “My point is that some of the interesting developments that we are witnessing require caution and caution in taking them, and they have been very well articulated by our regulators,” adding:

But we need to work with knowledge, not fear. We need to make sure that we are able to reap the benefits and are able to prevent some negative side effects or any potential, even criminal, actions that might occur as a result of taking or accepting any of these options. ”
The comments contrasted with recent events in Nigeria. Earlier in February, Nigeria banned cryptocurrency exchange banking operations, following the central bank’s decision. The CBN boss also described the cryptocurrencies as fake. Bitcoin has recently traded at a significant premium in the region.