Binance, the leading crypto exchange based on volume has been in collaboration with some nations of the world recently. The latest in the countries the exchange is partnering with is Nigeria.
Binance and the Nigerian authorities have decided to develop a digital economic zone in a new partnership. This economic zone will help to boost Nigeria’s blockchain sector.
According to reports, the NEPZA (Nigeria Export Processing Zones Authority) is working with Binance to develop a Dubai-like virtual free zone in the country. This would become the digital economic zone in West Africa upon completion.
Adesoji Adesugba, Managing Director for NEPZA, said the nation’s mission is to build a flourishing digital economic zone. This zone would capitalize on the potential of the virtual and blockchain economy.
“This partnership would allow Nigeria to have a digital hub identical to Dubai’s virtual free zone,” Adesugba added.
Nigeria is one of the leading cryptocurrency users in the world. The Central Bank of Nigeria in 221 had ordered the ban of crypto and its activities in financial institutions. However, the story has taken a different turn this year.
In May, Nigeria’s SEC introduced a rulebook for virtual assets usage in the nation. The regulator said the rulebook is to protect the rights of investors and ensure market transparency.
Cryptocurrency has grown in this part of the world and its partnership with Binance is another testament. The exchange has been in partnership with many nations of the world recently including the Central African Republic, South Korea, and the Philippines.
