Nigeria and Binance Build a Blockchain Hub City for Blockchain Projects
NEPZA, the Nigerian government agency in charge of export processing zones, announced on Saturday that it is in talks with cryptocurrency exchange Binance to establish a "virtual free zone" dedicated to blockchain technology and the digital economy.
The National Economic and Production Zones Authority (NEPZA) hopes that the end outcome will be comparable to Dubai's online free zone.
Intending to foster sustainable economic growth and lure a wide variety of crypto enterprises to become licensed in the emirate, Binance committed in December of last year to assist Dubai in establishing an industrial hub for global digital assets.
According to Bloomberg reports, the government of Nigeria is in advanced talks with the crypto exchange giant to jointly establish a digital area in the country, which would be a boon to the growth of fintech and digital assets in Africa.
As reported by Bloomberg, the plan would be to build a future digital hub in the vein of Dubai, which has adopted strict restrictions for the promotion and marketing of the bitcoin and blockchain industry.
For some time now, Nigeria, Africa's most populous nation and one of the richest in commodities, especially oil, has been focused on digital assets and blockchain to diversify its economy; this is aided by the fact that Nigeria also has one of the youngest average populations in the world.
Nigeria's growing reliance on the financial technology sector is exemplified by the success of companies like Interswitch Ltd. and Flutterwave Inc. As per the latest data from Chainalysis' Global Index Adoption, Nigeria is the sixth-most-adopted country worldwide for digital currencies.
Since the cryptocurrency market started its spectacular decline in April, CoinGecko found that
Read more on cryptonews.com
