Nigeria, Binance Partner For Economic Zone In West Africa – Bitcoin Magazine

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  • Nigeria seeks to create a special economic zone for bitcoin and cryptocurrencies.
  • NEPZA is in discussion with Binance and Talent City to establish a partnership.
  • The economic zone will reportedly mirror the Dubai Virtual Free Zone.

Nigeria is seeking to create the first economic free zone for bitcoin and cryptocurrency in West Africa through the Nigeria Export Processing Zones Authority (NEPZA), per a press release.

NEPZA is in discussions with Binance, one of the leading cryptocurrency exchanges, as well as Talent City which specializes in building special economic zones.

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,” said Adesoji Adesugba, NEPZA’s managing director.

Furthermore, NEPZA explained that if a partnership is reached, the final product would mirror that of the Dubai Virtual Free Zone.

In fact, this past December, Binance entered into a Memorandum of Understanding with the Dubai World Trade Center. The memorandum intends to make Dubai a hub for bitcoin and cryptocurrency related products and services by creating a “new international virtual asset ecosystem.”

In February of last year, the Central Bank of Nigeria issued a letter banning regulated institutions from “dealing” with bitcoin or cryptocurrencies. Following the ban, Nigeria saw an uptick of 27% in peer-to-peer (P2P) bitcoin transactions across the country.



Source link Bitcoin Magazine

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