Nigeria Binance in Talks for Digital City to Develop Blockchain
Categories: Crypto News
Nigeria, Binance inTalks for Digital City to Develop Blockchain
Nigerian authorities and cryptocurrenciesplatform Binance Holdings Ltd. are in talks to establish adigital economic zone that will help entrepreneurs fast track blockchaintechnology in the West African nation.
Thepartnership aims to build a digital hub, “similar to the Dubai virtualfree zone,” according to statement by the Nigeria Export ProcessingZones Authority.
Nigeria,Africa’s most populous nation, is targeting digital technology asa means to help diversify the economy away from crude oil, taking advantage ofan increasingly connected and youthful population. Fintech startu ps such as InterswitchLtd. and Flutter wave Inc. has emerged in the space and achieved billion-dollarplus valuations.
Thegovernment this year enacted regulations for trade in digital assets whileNigeria Exchange Ltd. plans to start a blockchain-enabled platformnext year to deepen trade at the bourse.
Nigeria’scitizens showedmore interest in cryptocurrencies than any other country since the digitalassets began to decline in April, according to a study by price trackerCoinGecko.