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Nigeria collabs with Binance to establish blockchain-based digital economic zones

The Nigerian government and the cryptocurrency exchange Binance met informally in order to discuss the possibility of creating a special digital economic zone to support companies involved in the blockchain and cryptocurrency industries. According to a statement from the Nigeria Export Processing Zones Organization(NEPZA) , the authority has conducted preliminary conversations with Binance and technology infrastructure business Talent City to explore the planned digital city, dubbed a “Virtual Free Zone” on September 2.

According to NEPZA managing director Adesoji Adesugba, the proposed digital economic zone will be a first in West Africa and will function similarly to Dubai’s virtual zones, which are aimed to provide crypto-friendly rules, regulations, and tax advantages for cryptocurrency enterprises. Nigeria has been reacting quite favourably towards cryptocurrencies. Nigeria has advanced significantly in accepting Bitcoin. 

According to data from Paxful, a peer-to-peer cryptocurrency exchange platform, when Nigeria’s trade volume in the first half of 2022 ($400 million) was combined with that of 2021 ($760 million), the country ranked among Paxful’s most significant markets globally. In an effort to increase investment in the local economy, Nigeria Stock Trading (NGX) Ltd has also unveiled plans to introduce a blockchain-enabled exchange platform in 2019.

The exchange has recently entered a number of markets as part of its expansion goals. The Changpeng Zhao-led crypto platform was viewed as supporting governments in moving forward in the cryptocurrency and blockchain industries.

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