Nigeria and Binance Build a Blockchain Hub City for Blockchain Projects

The Nigerian government agency in charge of export processing zones, NEPZA, is negotiating with cryptocurrency exchange Binance to create a "virtual free zone" devoted to blockchain technology and the digital economy.

Crypto newsNEPZA's efforts aim to create an environment analogous to Dubai's digital free zone. Binance pledged in December 2017 to help Dubai build an industrial center for global digital assets, encouraging sustainable economic growth and attracting a broad range of crypto firms to become licensed in the emirate.

Bloomberg claims that the government of Nigeria is in advanced discussions with the crypto exchange giant to jointly construct a digital region in the nation, which would benefit the development of Fintech and digital assets across Africa.

Bloomberg reports that the goal is to create a digital center similar to Dubai, which has banned the open advertising of its Bitcoin and blockchain industries.

Nigeria, the most populous country in Africa and one of the wealthiest in commodities, notable oil, has been focusing on digital assets and blockchain to diversify its economy for some time now. It is helped by the fact that Nigeria also has one of the youngest average populations.

Companies like Interswitch Ltd. and Flutterwave Inc. are indicative of Nigeria's increasing dependence on the financial technology industry. Nigeria is the sixth most adopted nation in the world for digital currencies, according to the latest statistics from Chainalysis' Global Index Adoption.

CoinGecko revealed that Nigeria had the most significant increase in interest in cryptocurrencies after the market for virtual currencies began its stunning drop in April.

In June (2019), the Nigerian stock exchange stated that it would implement a blockchain-enabled platform to boost commerce and attract younger investors. A partnership between the Nigerian government and Binance has solidified Nigeria's ambitions to become a global crypto powerhouse.

Prof. Adesoji Adesugba, CEO of the Nigeria Export Processing Zones Authority (NEPZA), who is primarily seen as the government's principal point of contact in its intended relationship with Binance to execute this objective, said: “We want to create a flourishing virtual free zone to capitalize on the roughly trillion-dollar virtual economy present in blockchain and the digital economy.”

Binance sees Nigeria as a nation with a lot of promise. This collaborative initiative seems a great way to get into the market there. There is a long-term goal of spreading business over all of Africa.

After three years of infringement procedures in several countries, including Great Britain, which banned the exchange's activities there, Changpeng Zhao's exchange has begun significant collaboration with government and regulatory authorities in the countries in which it operates to get a license to function, as was recently accomplished in Italy and France.

A few weeks ago, Binance signed a similar landmark agreement with the Korean city of Busan. The exchange presumably provides technological and infrastructural assistance to Busan in its blockchain development efforts.

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