Binance is negotiating with Nigeria to create a virtual free trade zone

Article Reading Time:
2 minutes.

Cryptocurrency exchange Binance leadsnegotiations with the Nigerian Export Processing Zones Authority (NEPZA) on the creation of a virtual free trade zone for the development of blockchain and cryptocurrencies.

NEPZA Managing Director, Adesoji AdesugbaAdesoji Adesugba said he met with Binance Regional Strategic Partnerships Executive Director Nadeem Ladki and Binance Senior Legal Advisor Sameera Kimatrai. The discussion was also attended by the executive director of the Nigerian Talent City project, Luqman Edu, and the head of NEPZA project development, Sikiru Lawal.

The creation of a new economic zone willaims to foster innovation not only in Nigeria but throughout the African continent. This means that operating in this “regulatory sandbox”, a cryptocurrency business can receive tax benefits or be subject to simplified rules. According to Adesugba, Nigeria boasts the fastest rate of adoption of cryptocurrencies among the population due to unstable government policies. The special economic zone will accelerate the development of the country’s digital economy and expand employment opportunities for citizens, Adesugba is confident.

“We are committed to creating a thriving virtualfree zone, taking advantage of the blockchain and digital assets. This will create a new foundation for the country’s development in line with President Muhammadu Buhari’s economic agenda,” the NEPZA director said.

Last October, the Central BankNigeria has launched its own digital currency – e-Naira. According to recently presented data from the central bank, the number of its active users has already exceeded 270,000 people. The digital naira is expected to expand access to finance for the unbanked population.