- Nigeria seeks to create a distinct financial zone for bitcoin and cryptocurrencies.
- NEPZA is in dialogue with Binance and Skill Town to ascertain a partnership.
- The commercial zone will reportedly replicate the Dubai Digital Unfastened Zone.
Nigeria is looking for to create the primary financial unfastened zone for bitcoin and cryptocurrency in West Africa throughout the Nigeria Export Processing Zones Authority (NEPZA), according to a press release.
NEPZA is in discussions with Binance, one of the most main cryptocurrency exchanges, in addition to Talent City which focuses on construction particular financial zones.
Our function is to engender a flourishing digital unfastened zones to make the most of a close to trillion buck digital economic system in blockchains and virtual economic system,” stated Adesoji Adesugba, NEPZA’s managing director.
Moreover, NEPZA defined that if a partnership is reached, the overall product would replicate that of the Dubai Virtual Free Zone.
In reality, this previous December, Binance entered right into a Memorandum of Understanding with the Dubai International Industry Middle. The memorandum intends to make Dubai a hub for bitcoin and cryptocurrency similar services and products through making a “new world digital asset ecosystem.”
In February of final 12 months, the Central Financial institution of Nigeria issued a letter banning regulated establishments from “dealing” with bitcoin or cryptocurrencies. Following the ban, Nigeria noticed an uptick of 27% in peer-to-peer (P2P) bitcoin transactions around the nation.
Certainly, simply final 12 months Africa as a complete was the biggest nation in P2P transactions on the planet through quantity. Round the similar time, Chainalysis reported a world adoption index which confirmed Nigeria within the best 10 nations international for its adoption of bitcoin.
Additionally, as Dubai and Nigeria glance to ascertain particular financial zones to learn bitcoin and different cryptocurrencies, we will be able to check out present financial zones. For example, the unfastened town of Próspera is an instance of a customizable financial framework.
