Crypto free zones? – The Nigerian authorities and Binance work hand in hand, to create an ecosystem favorable to the development of the blockchain, and perhaps the crypto industry, in the country.
Binance and Nigeria: Trillion Dollars in Blockchain
Will the Dubai blockchain and crypto model be exported to Africa? Nigeria seems to want to take inspiration from the digital hub of Dubai, to support the growth of web3 in the country. Nigerian authorities collaborate with Binance, for the creation of a export processing zone authority (NEPZA). She would be ” similar to Dubai Virtual Free Zone “, According to the statement of the organization.
Digital takes on a strategic issue for this most populous country in Africa. He wants to use technology in this area to diversify the sources of income fueling his economy, and to reduce his dependence on crude oil.
NEPZA should then serve as fuel to enable the country to achieve this ambition. Its managing director, Adesoji Adesugbatalking numbers: the free zone should help Nigeria to
« leveraging a nearly trillion-dollar virtual economy in blockchains and the digital economy ».
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Home of the blockchain, but a war zone for cryptocurrencies
Does NEPZA mark a decisive turning point for the web3, and in particular for cryptocurrencies, in Nigeria? The country’s regulators haven’t always had a warm relationship with the crypto industry, even showing a some hostility to industry players.
Last year, the Nigerian central bank ordered commercial banks to cancel all cryptocurrency-related services they offered. It had also asked the banks to freeze the accounts of three peoplesuspected of having traded cryptocurrencies.
The Nigerian central bank is stepping up its efforts in the promotion of its digital currency. Indeed, she hopes that the growing adoption of eNaira will stem that of cryptocurrencies, which the institution considers a threat to the economy and the financial stability of the country.
Despite these measures once morest the sector, the Nigerians stay fond of cryptocurrencies. A study of CoinGecko shows that the interest that the Nigerian people bring to the sector. It would even be higher than the interest of citizens of other countries for cryptocurrencies, since the beginnings of the crypto winter in April of this year.
Binance contributes to the growing adoption of cryptocurrencies in the United Arab Emirates, making its technology available to players who want to dive into the sector. What will be the scope of its action in Nigeria, and on the African continent in general?
Unexpected reversal of the Nigerian authorities. Will Binance be able to develop the crypto industry in this country? To register on the exchange and form your own opinion, it’s this way (lien commercial).
