Nigeria joins leagues with Binance to create special crypto-friendly economic zones. The remarkable feats achieved in blockchain and digital assets have now encouraged the government to build a robust infrastructure for this emerging technology to bloom securely. This initiative is indicative of future innovations in the arena of digital assets in the country.
Per reports of the Nigeria Export Processing Zones Authority, a discussion was held between Binance and Talent City, a technology infrastructure. Their primary objective is to benefit from the virtual economy, which is currently generating a lot of revenue. According to the managing director of NEPZA, the economic zone will first be established in West Africa, which will be the same as Dubai virtual zones. The initiative is expected to help the country in making crypto-friendly laws.
If we go as per data, Nigeria ranks top amongst countries with greater cryptocurrency adoption. The country is actively participating in this disruptive sector. In 2021, President Muhammadu Buhari released eNaira, a CBDC, to empower the payment system in the country. When Nigeria’s currency launched, the central bank was hopeful of initiating further steps to explore the possibilities of digital assets.
As far as Binance, the exchange platform, is concerned, it has always been a part of crucial and productive projects. Recently, the exchange platform opened an educational institute in Africa to help people learn more about blockchain and crypto. Binanace seems excited about this new partnership with Nigeria; they are focused on building a robust digital economy for the country.
Meanwhile, if we try studying Nigeria’s viewpoint on digital assets, we can notice love and hate relationships. At a time, the government notified commercial banks to prevent crypto transactions; the decision was a response to growing scams in digital assets. Despite regulatory practice, the government understands the significance of digital assets in the overall development of the economy.
We hope this new partnership and initiative enables the country to foster digital economic growth in the future.
