Nigeria and Binance Plan Establishing Digital Economic Zone

Nigeria and Binance Plan Establishing Digital Economic Zone

  • The new digital economic zone will assist companies make the switch to blockchain. 
  • Collaboration would attempt to establish a “virtual free zone” similar to Dubai’s.

Binance and Nigeria are in talks to establish a blockchain-based digital economic zone in Nigeria. The team at Binance has been on a massive expansion binge as of late.

The corporation has been testing the waters in a number of new areas over the last several months as part of its growth strategy. The crypto platform run by Changpeng Zhao was considered as aiding governments in achieving development in the crypto and blockchain sectors, and it has opened offices in several locations. The South Korean city of Busan is the most recent addition.

Massive Boost For Adoption

Binance is now exploring opportunities for growth in Nigeria. The company is in discussions to establish a digital blockchain economy. In West Africa, the new digital economic zone will assist companies make the switch to blockchain. The Nigeria Export Processing Zones Authority has said that the collaboration would attempt to establish a “virtual free zone” in the vein of Dubai’s.

In general, Nigerians have a good attitude toward cryptocurrencies like bitcoin. Nigeria has come a long way in its acceptance of crypto. Its peer-to-peer Bitcoin trading volume hit $1 billion between January 2022 and June 2022. Thus, making it one of the fastest-growing crypto markets.

To attract more capital to its economy, the Nigeria Stock Exchange (NGX) Ltd. has announced that, beginning in 2023, it would launch a blockchain-enabled exchange platform.

In light of the potential threat that cryptocurrencies represent to the country’s financial infrastructure, the central bank of Nigeria (CBN Nigeria) issued a formal prohibition on commercial banks last year from processing cryptocurrency transactions.

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