Nigeria explores virtual free zone with Binance

The Nigerian Export Processing Zones Authority (NEPZA) is currently in discussion with cryptocurrency exchange Binance to create a virtual free zone which will focus on the development of blockchain technology and expansion of the digital economy.

NEPZA is in charge of free zones in Nigeria and sees to their daily operations and is now considering whether it should not replicate similar projects pioneered elsewhere.

One of the models that NEPZA may be interested in exploring is the already existing collaboration between Dubai and Binance, which agreed to create a similar virtual hub in December 2021.

“Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion-dollar virtual economy in blockchains and digital economy”, NEPZA managing director Adesoji Adesugba said in a statement. Nigeria is already experienced in running blockchain and digital economy and technologies.

Last year, its central bank launched a dedicated digital currency, making it the world’s second central-bank cryptocurrency after the Bahamas’ sand dollar.

In the meantime, other nations have been keen to use existing currencies, rather than developing their own. El Salvador proclaimed Bitcoin a legal tender and made a quasi-forcible shift into it.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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