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Nigeria To Keep Special Economic Zone For Bitcoin, Crypto

Nigeria To Keep Special Economic Zone For Bitcoin, Crypto
  • Nigeria seeks to blueprint a specific economic zone for bitcoin and cryptocurrencies.
  • NEPZA is in dialogue with Binance and Skill Metropolis to put a partnership.
  • The industrial zone will reportedly replicate the Dubai Digital Free Zone.

Nigeria is seeking to blueprint the first economic free zone for bitcoin and cryptocurrency in West Africa via the Nigeria Export Processing Zones Authority (NEPZA), per a press initiate.

NEPZA is in discussions with Binance, for amble one of the precious leading cryptocurrency exchanges, as wisely as Skill Metropolis which specializes in constructing special economic zones.

Our impartial is to engender a flourishing digital free zones to select out support of a come trillion dollar digital financial system in blockchains and digital financial system,” said Adesoji Adesugba, NEPZA’s managing director.

Furthermore, NEPZA explained that if a partnership is reached, the final product would replicate that of the Dubai Digital Free Zone.

In fact, this past December, Binance entered into a Memorandum of Understanding with the Dubai World Trade Heart. The memorandum intends to blueprint Dubai a hub for bitcoin and cryptocurrency related merchandise and products and companies by growing a “unique international digital asset ecosystem.”

In February of final year, the Central Bank of Nigeria issued a letter banning regulated institutions from “dealing” with bitcoin or cryptocurrencies. Following the ban, Nigeria saw an uptick of 27% in understand-to-understand (P2P) bitcoin transactions all the procedure via the country.

Indeed, good final year Africa as a full turned the glorious country in P2P transactions on this planet by volume. Across the same time, Chainalysis reported a global adoption index which confirmed Nigeria in the tip 10 countries worldwide for its adoption of bitcoin.

Furthermore, as Dubai and Nigeria gape to put special economic zones to support bitcoin and utterly different cryptocurrencies, we are going to make a selection a gape at this time economic zones. As an instance, the free city of Próspera is an example of a customizable economic framework. 

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