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Binance will create a “special economic zone” dedicated to blockchain in Nigeria

Binance will create a “special economic zone” dedicated to blockchain in Nigeria

Nigeria is one of the fastest growing cryptocurrency adoption hotbeds in the world. But his government is wary of the sector. The giant Binance, however, intends to change the situation by creating a special economic zone, in collaboration with local authorities.

A special economic zone supported by Binance to promote the development of blockchain

In Africa, Nigeria is a pioneer in terms of the adoption of cryptocurrencies and blockchain. The country consistently appears in the rankings of the most active countries, with more than 22 million crypto-asset holders, according to the ratings. The arrival of Binance in the territory, with a special economic zone, is therefore not really a surprise.

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Bloomberg media reported the news yesterday: Nigeria authorities are in talks with Binance, in order to establish this digital hub, which will be created on the model of Dubai. As a reminder, the exchange platform had already helped the Emirate to develop its crypto ecosystem. If this zone sees the light of day in Nigeria, it will be the first in West Africa.

Seize the opportunities represented by cryptocurrencies

Adesoji Adesugba, one of the leaders of this future special economic zone, spoke of its objectives:

The goal [de cette zone] is to engender a flourishing digital free zone, in order to take advantage of this digital economy and the blockchainwhich represents almost a trillion dollars.

Binance thus intends to promote dialogue between the crypto industry, of which it is a flagship, and the Nigerian government, which is historically quite hostile to the sector. Indeed, although Nigerians are massively turning to cryptocurrencies – more than 10% of the population would have them – the Central Bank has prohibited banks from validating transactions with crypto services.

In parallel, it launched its digital central bank currency (MNBC), the e-naira, during the year 2021. The government therefore certainly sees cryptocurrencies as potential rivals to the latter. The arrival of Binance on the territory, with the weight that we know of, could however begin to change the situation.

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Source : Bloomberg