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Nigeria plans to create a virtual free zone with Binance

The nation in west Africa aspires to establish something that is analogous to the digital metropolis in Dubai.
| CryptoPress

The Nigerian government and the cryptocurrency exchange Binance have conducted an initial meeting to discuss the possibility of establishing a special economic zone in Nigeria that would provide assistance for firms linked to blockchain technology and cryptocurrencies.

The National Economic and Production Zones Authority (NEPZA), which helps oversee and run free zones in the nation, desires that the end product be comparable to Dubai’s virtual free zone. In December of the previous year, Binance came to an agreement to assist Dubai in developing into an industrial center for global digital assets. This was done with the intention of fostering sustained economic expansion and encouraging a variety of crypto enterprises to get licensed in the emirate.

Over 22 million people in Nigeria have purchased some kind of cryptocurrency, giving the country one of the highest adoption rates in the world.

The move comes after the creation, in October of 2018, of the world’s second digital currency, which was the sand dollar of the Bahamas and which was issued by the central bank of Nigeria. By the month of August, the eNaira has already been utilized to complete transactions totaling 4 billion nairas, which is equivalent to $9.2 million.

Over the last several years, the acceptance of cryptocurrencies throughout Africa has continued to expand, despite the continent’s lack of sufficient financial infrastructure, as well as uncertain government policies and inflation.

The citizens of Nigeria were determined to be the most crypto-obsessed country in a recent poll conducted by CoinGecko. Residents of Nigeria searched the phrases “cryptocurrency” and “purchase crypto” more than residents of any of the other 14 nations that were studied.

Image: David Rotimi on Unsplash.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.


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