Cryptocurrency exchange Binance is in talks with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free trade zone for the development of blockchain and cryptocurrencies.
NEPZA Managing Director Adesoji Adesugba said he met with Binance Regional Strategic Partnership Development Executive Director Nadeem Ladki and Binance Senior Legal Counsel Sameera Kimatrai. Luqman Edu, Executive Director of the Nigerian Talent City project, and Sikiru Lawal, Head of NEPZA Project Development, also took part in the discussion.
The creation of a new economic zone will be aimed at developing innovation not only in Nigeria, but throughout the African continent. This means that by operating in this “regulatory sandbox”, a cryptocurrency business may receive tax breaks 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 sure.
“We intend to create a thriving virtual free zone by taking advantage of blockchain and digital assets. This will create a new foundation for the development of the country in accordance with the economic program of President Muhammadu Buhari,” said the director of NEPZA.
Last October, the Central Bank of Nigeria launched its own digital currency, e-Naira. The number of active users has already exceeded 270,000, according to recently released data from the central bank. The digital naira is expected to increase access to finance for the unbanked population.
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