Nigeria’s NEPZA is looking to create a virtual free zone based on Blockchian and Binance would help it. It would be similar to Dubai’s.
- Nigeria wants to create Virtual Free Trade Zone based on Blockchain
- Its partner in the project would be the Binance exchange.
- It would be the first zone of its kind in West Africa.
Nigeria, a country in West Africa, with more than 216 million inhabitants, announced in October last year the launch of e-naira, its central bank digital currency. However, in June of this year the central bank itself did serious criticism of cryptocurrencies .
Now there is a very different news regarding crypto in the country, which is looking for encourage the entry of crypto companies.
La Nigerian Export Processing Zones Authority (NEPZA) reported that it is in talks with cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Binance to carry out plans to create a virtual free trade zone focused on Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and the digital economy, the agency said in a press release.
He added that in its drive to further deepen the country’s economy, it is pursuing this partnership with Binance yTalent Cityso that Nigeria hosts the first Virtual Free Trade Zone in West Africa.
Similar to Dubai
NEPZA, that helps to regulate and operate free zones in the country, wants the result to be similar to that of the Dubá virtual free zone i . In December last year, Binance agreed to help Dubai establish an industrial hub for global digital assets with the aim of promoting long-term economic growth and encouraging a variety of cryptocurrency companies to obtain licenses in the emirate.
“Our goal is to generate thriving virtual free zones to take advantage of a nearly $1 trillion virtual economy in blockchain and digital digital technologies are these electronic tools that have the ability to generate, store or even process data. economy” Adesoji Adesugba, managing director of NEPZA, said in the statement, which came after meeting with representatives of the two companies.
Adesugba presented the vision of his management which focuses on pushing the frontiers of innovations in the operation and management of Free Trade Zones in Nigeria and Africa as a whole.
“We seek to break new ground to expand economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister and the economic development agenda of President Muhammadu Buhari, Adesugba added.
Binance was represented at the meeting by Nadeem Ladki, its Director of Regional Strategic Partnerships, and Sameera Kimatrai, Senior Legal Counsel of Binance. Also attending were Luqman Edu, Executive Director of Talent Cityand Eng. Sikiru Lawal, Director of Projects and Procurement at NEPZA.
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