It is surprising seeing Professor Osinbajo push the idea of cryptocurrencies as a source of jobs for the youths.
The Vice President should know that the Central Bank is especially concerned about currencies and monetary policy. As a currency, cryptos are, for now, very inefficient, as noted by Janet Yellen. It is still very clumsy to buy things with them. And if tomorrow central banks fold up and allow cryptos to take over, that should mean the end of governments everywhere.
In the first place, it could be in the reportage, but the choice of words employed by Vice President Yemi Osinbajo in 'chastising' the Central Bank of Nigeria (CBN) and other regulators over their policies concerning cryptocurrencies rather put down those institutions and portends another imminent policy reversal, after all he is the de jure, if not de facto, chairman of the nation's economic committee. However, I have good reason to try and set the good professor straight on this touchy and trending matter. From what I have heard from his students at the University of Lagos, Professor Osinbajo is a legal genius, who could reel out whole books extempore in many aspects of jurisprudence. His interpretation of economics, however, needs some urgent intervention, for the good of Nigeria. No one knows it all.
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