Nigeria and Binance are working together to establish an Export Processing Zone Authority (NEPZA). The objective is to establish a digital economic region like to Dubai.
According to the article, Nigerian authorities plan to create a region that will resemble Dubai's virtual free zone. After completion, the facility will be the first in West Africa.
The purpose of the nation, according to NEPZA's managing director Adesoji Adesugba, is to create a flourishing virtual free zone so that it can benefit from the almost trillion dollar virtual economy in blockchains and the digital economy.
Binance Encourages Widespread Adoption of Blockchain
Binance's partnership with Nigeria comes after a comparable step the business took with the city of Busan in South Korea.
A Memorandum of Understanding (MoU) between the Changpeng Zhao-led exchange and the city of Busan was inked to guarantee the city's technological and infrastructure support.
The action aims to promote Busan's Digital Asset Exchange as well as the city's blockchain ecosystem development.
In order to strengthen the securities industry in the nation, the exchange has entered into a contract with SERC, Cambodia's securities and exchange regulator.
In order to further promote the acceptance of cryptocurrencies and blockchain technology in the African nation, Binance also recently opened a crypto education hub there.
Crypto adoption in Nigeria
Nigerians have a strong adoption of cryptocurrencies, but the government there has maintained a hostile attitude toward the sector.
All commercial banks in the nation were instructed by the Central Bank of Nigeria to stop supporting cryptocurrency transactions. The country's top bank noted that its decision was made as a result of the danger that cryptocurrencies pose to the nation's overall financial system.
The Securities and Exchange Commission of Nigeria released a guideline for digital assets in the nation in May.
The SEC claims that the regulation is intended to ensure market openness and investor protection.
Nigerians continue to adopt cryptocurrency despite the ambiguous governmental approach to the sector.
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