The world’s biggest cryptocurrency platform by trading volume Binance Holdings Ltd. and the Nigerian authorities are in talks to launch a digital economic zone in the country. The digital economy economic zone will provide all that is needed by entrepreneurs and interested parties to fast-track blockchain technology in Nigeria.
According to a statement issued by the Nigeria Export Processing Zones Authority, the partnership between the country and Binance is being embarked on with the goal to build a digital hub that will be similar to the Dubai virtual free zone.
Irrespective of the ban on cryptocurrencies in the country, Nigeria remains the biggest crypto market in Africa. According to various reports, Nigeria has the most crypto owners than any other country in Africa. Nigeria also ranks fourth in the world when it comes to the country with the most Bitcoin owners.
The latest development between the country and Binance suggests that Nigeria is looking to digital technology as a means to diversify her economy. For decades, the country with a population of over 200 million has depended on its crude oil as an important source of revenue. With the advent of digital currencies, electric cars, and what have you, the nation may be looking to not be left behind in the wake of technological advancement.
Nigeria is also one of the countries in Africa with startups that are making big impacts across the world. Flutterwave, the most valued unicorn in Africa is a Nigerian startup. Technological advancements are here to stay, and the country may be beginning to realize this.
The Nigerian government recently enacted regulations for trade in digital assets. The Nigeria Exchange Ltd. also plans to commence a blockchain-enabled platform that’d deepen trade at the bourse next year.
Although cryptocurrencies have declined terribly this year, many Nigerians still show interest and faith in digital assets according to various reports and studies.
The recent development between Binance and Nigerian authorities begs the question of if there is a chance that the ban on crypto would be lifted soon.