According to reports, the Nigerian government and the industry titan of the cryptocurrency exchange are in advanced negotiations to jointly develop a fully digital area in the nation. This will help the African nation’s fintech industry, especially the development of digital assets.
Creating a future digital hub after Dubai, which just passed strict regulations on marketing and promoting the bitcoin and blockchain sector, is the aim, according to Bloomberg sources.
Nigeria, the most populous country in Africa and one of the richest countries in the world in terms of commodities, particularly oil, has long focused on digital assets and blockchain to diversify its economy. This has been made possible by the fact that Nigeria has one of the youngest average populations in the world. Fintech businesses like Interswitch Ltd. and Flutterwave Inc. are excellent illustrations of how this industry is growing in importance inside the Nigerian economy.
Nigeria is ranked sixth among the nations with the broadest cryptocurrency adoption, per Chainalysis’ Global Index Adoption. Nigeria would be the nation where interest in cryptocurrencies has surged the most since April, when the market started its huge decline, according to a CoinGecko analysis.
Nigeria’s Goals For The Country’s Technological Development
The Nigerian Stock Exchange announced in June that it intended to introduce a blockchain-enabled platform the following year in order to expand trade and draw in new investors.
Now that the Nigerian government has partnered with Binance, it is clear that Nigeria wants to establish itself as a major player in the cryptocurrency industry.
In order to cooperate with Binance on this initiative, Prof. Adesoji Adesugba, CEO of the Nigeria Export Processing Zones Authority (NEPZA), is anticipated to serve as the government’s point of contact:
“Our goal is to generate a thriving virtual free zone to take advantage of a nearly trillion-dollar virtual economy in blockchain and the digital economy.”
For its side, Binance is interested in this collaboration initiative since it might be a great way to enter a nation like Nigeria that has exciting prospects before expanding to other African nations.
In order to avoid the numerous infringement proceedings that were discovered in many countries over the past three years and that led some countries, like Great Britain, to ban the exchange’s operations there, Changpeng Zhao’s exchange has been working seriously for some time now with the government and regulatory authorities in the countries where it operates to obtain licenses to operate, as it recently did in Italy and France.
This information comes just after Binance and the Korean city of Busan entered into another significant cooperation, in which the exchange is anticipated to help the city’s blockchain development initiatives with technology and infrastructure.
