Binance and Nigeria are in talks to create a digital economy powered by Blockchain
Nigeria and Binance discuss to create a digital economic zone powered by blockchain technology. Binance has been on an ever-expanding ride lately.
With plans for expansion, the company has ventured into several markets in recent months. In addition to opening offices in multiple locales, the Changpeng Zhao-led crypto platform was seen as helping governments make progress in the crypto and blockchain industries. Busan, South Korea, has recently been added to the list.
In the latest expansion move, Binance is looking to expand into Nigeria as the duo is in talks to build a digital blockchain economy.
Binance ventures into Nigeria
The new digital economic zone will help entrepreneurs tap into blockchain technology in the West African nation. According to a statement from the Nigeria Export Processing Zones Authority, the partnership aims to create a digital hub “similar to Dubai’s virtual free zone.”
Nigeria has reacted quite positively to cryptocurrencies in general. When it comes to adopting Bitcoin, Nigeria has made significant progress. One of the fastest growing crypto markets, its peer-to-peer Bitcoin trading volume exceeded $1 billion between January 2022 and June 2022.
Data from Paxful, a P2P cryptocurrency exchange platform, showed that Nigeria was among Paxful’s most important markets globally as the country’s trading volume in the first half of 2022 ($400 million) was added to that of 2021 ($760 million).
Nigeria Stock Exchange (NGX) Ltd. has also revealed its plans to introduce a blockchain-enabled exchange platform next year in a bid to boost investment in its regional economy.
Since the asset class poses a risk to the financial system, the nation’s Central Bank (CBN Nigeria) formally banned commercial banks from facilitating cryptocurrency transactions last year.
Since then, the apex bank has forced banks to ban customers from using their accounts to conduct cryptocurrency transactions. However, that has not stopped the primarily young population from using cryptocurrency.
Nigeria’s Securities and Exchange Commission recently unveiled new rules for the country’s cryptocurrency industry, showing it’s still in favor of the technology.
