With 22 million cryptocurrency holders, Nigeria is one of the most active African countries in this area.
Africa has become a thriving continent for investing in cryptocurrencies, and Nigeria is a pioneering country in this area, with 22 million crypto holders, or 10% of the population, according to specialist firm Triple A.
It is because of the increased interest in cryptocurrencies that the country wants to cooperate with the Binance cryptocurrency exchange platform to create an “economic free zone” for cryptocurrencies, according to a specialized publication Cointelegraph.
In a tweet posted on Friday, the Nigerian Export Processing Zones Authority (NEPZA) said it had met with Binance Senior Legal Counsel Samira Kimatrai in Dubai to discuss the project.
The aim of this collaboration is to create a digital city, called a “virtual free zone”, which will be the first in West Africa, modeled on what already exists in Dubai.
Indeed, Dubai has been innovating in blockchain and cryptocurrencies for several months now and in particular hopes to become the “virtual asset capital of the world.” To achieve this, the country is moving fast in this universe. On March 9, the country passed a law aimed at regulating the cryptocurrency ecosystem, while allowing it to develop. The law is aimed, in particular, at protecting investors and individuals, as well as attracting many cryptocurrency companies, both Emirati and foreign, to its territory.
The project is still far from being launched. For Nigeria, the goal is to “ensure long-term economic growth through digital innovation,” a Binance spokesperson told Cointelegraph. “We look forward to sharing key details when the plans are finalized,” he added.
“Our goal is to create a thriving virtual free zone to leverage the nearly $1 trillion virtual economy in blockchain and digital economy,” said Zone Authority Director Adesoji Adesugba, who is in discussions with Binance about an export processing center in Nigeria.