The planned alliance between Nigeria and Binance intends to create a digital city that welcomes cryptocurrency, much to the virtual free zone in Dubai.
The Nigerian government and the cryptocurrency exchange Binance met informally in order to discuss the possibility of creating a special economic zone to help companies involved in the blockchain and cryptocurrency industries.
The planned digital city referred to as a “Virtual Free Zone,” has been discussed in early discussions with Binance and the technological infrastructure firm Talent City. According to NEPZA managing director Adesoji Adesugba, the planned zone will be a first in West Africa and function similarly to Dubai’s virtual zones, which are intended to provide crypto firms rules, regulations, and tax incentives that are beneficial to the industry.
A spokesperson for Binance said that the goal of the initiative was to promote long-term economic growth through digital innovation: Binance is eager to work with The Nigeria Export Processing Zones Authority to build a virtual free zone to foster long-term economic growth through digital innovation as we continue to encourage blockchain adoption throughout the African continent. When plans are complete, we look forward to providing critical specifics.
According to Triple-A, Nigeria has one of the greatest rates of cryptocurrency adoption globally, with over 22 million crypto owners. According to Adesugba, the zone would widen job prospects for Nigerian residents and contribute to the development of Nigeria’s digital economy. To benefit from the almost trillion dollars virtual economy in blockchains and the digital economy, our objective is to create a flourishing virtual free zone.
The early intentions were addressed on Friday in Dubai at a meeting between Adesugba, Nadeem Ladki, CEO of Binance, Luqman Edu, CEO of Talent City, and Sikiru Lawal, director of NEPZA. To further encourage the use of cryptocurrencies in the West African area, Adesugba noted that the action would be a component of Nigeria’s goal for economic growth.
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