Binance collaborates with Nigeria to establish a digital economic zone

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Last Updated on September 6, 2022 by Bitfinsider

Binance, the world’s largest crypto exchange by volume, has signed a contract with Nigeria to establish an Export Processing Zone Authority (NEPZA).

Binance and the Nigerian government are currently in advanced talks to establish this zone as a digital city project that will support Nigeria’s fintech sector and provide a much-needed boost to its digital asset development. If established, the digital city would be the first of its kind in West Africa. Binance has already assisted in the establishment of a crypto education hub in Cameroon to promote crypto and blockchain adoption in the country.

Nigeria’s federal government has been in talks with the exchange for some time about developing a digital city similar to Dubai in order to accelerate the country’s blockchain technology. Dubai launched its Virtual Assets Regulatory Authority (VARA) license earlier this year and partnered with Binance for the Dubai World Trade Centre Authority (DWTCA) to create its own virtual free zone.

One of the reasons cryptocurrency has gained such a strong foothold in Africa is the continent’s large unbanked population. The Central African Republic (CAR) became the second country to recognize Bitcoin as legal tender, while several other African governments have been working to establish regulatory frameworks for their respective crypto sectors. Despite the fact that Nigeria has restricted the use of cryptocurrencies in the country, particularly for sending remittances from abroad, the CBDC project appears to have warmed up the government to the benefits of digital assets.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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