Nigerian authorities and cryptocurrency exchange Binance are in talks to create a free digital economic zone that will help entrepreneurs accelerate the adoption of blockchain technologies in the region. He writes about Bloomberg.

According to a statement from Nigeria’s Export Processing Zones Authority, the partnership aims to create a digital hub “similar to Dubai’s virtual free zone.”

The country’s authorities are trying to diversify the economy by reducing its dependence on crude oil production through digital technologies. An active and young population is called upon to be the driving force of innovation.

Recall that in February 2021, the Central Bank of Nigeria banned commercial financial institutions from providing services to cryptocurrency exchanges and companies working with digital assets.

The Senate then recommended that the central bank regulate rather than restrict the industry.

May 2022 SEC Nigeria equated cryptocurrencies with securities.

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