Nigeria, Binance in talks to develop crypto-friendly economic zone

ambcrypto.com:

Binance, the world’s leading cryptocurrency exchange, has held talks with the Nigeria Export Processing Zones Authority (NEPZA) to create a virtual economic zone in West Africa. The partnership aims to build a crypto-friendly zone similar to the Dubai Virtual Free Zone, announced NEPZA on Twitter.

NEPZA has announced that it is holding talks with Binance and technology infrastructure company Talent City to discuss the first Virtual Free Zone. The zone aims to facilitate a business space that harnesses the advantages offered by a blockchain-driven virtual economy.

“We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister and the economic development agenda of President Muhammadu Buhari. Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,” NEPZA MD Adesugbasaid.

Nigeria was one of the first countries in Africa and the world to adopt cryptocurrencies. A recent study by Triple A, a cryptocurrency payment gateway app, revealed that the country has one of the highest rates of cryptocurrency adoption. Currently, it has over 22 million crypto users (10.34% of the total population).

As per a Statista report, Nigeria leads the world in terms of cryptocurrency adoption. The Statista Global Consumer Survey (2019-21)revealed that among all the respondents in the country, 28% Nigerians owned or used cryptocurrency in 2019, 32% Nigerians owned or used cryptocurrency in 2020, and 42% Nigerians owned or used cryptocurrency in 2021.

Since its launch, Binance has tried collaborating with many national governments to expand its operations.

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