RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Cryptocurrency

Nigeria and Binance partners to debut the first Virtual Free Zone in West Africa

Rate Captain by Rate Captain
September 5, 2022
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Nigeria and Binance partners to debut the first Virtual Free Zone in West Africa
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigeria Export Processing Zones Authority (NEPZA) and cryptocurrencies
platform Binance Holdings Ltd. are planning to establish the first Virtual Free Zone in West Africa that will assist entrepreneurs fast tracking blockchain technology in the West African nation.

This was disclosed by Prof Adesoji Adesugba, NEPZA’s Managing Director in Dubai, United Arab Emirates.

AlsoRead

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

SEC settles with former Coinbase employee over insider trading charges.

Bitcoin Faces Monthly Loss Amidst Hawkish Fed and Capital Outflow Challenges.

More than a third of all cryptocurrency owners in Africa live in Nigeria, which has one of the highest adoption rates of cryptocurrencies in the world. Interswitch Ltd. and Flutterwave Inc. are examples of fintech startups with $1 billion or more in valuation that have made an effort to integrate into the Nigerian ecosystem.

Hence, the goal of the partnership would be to engender flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.

What NEPZA is saying

“In its drive to further deepen the country’s economy, the Nigeria Export Processing Zones Authority (NEPZA) is seeking partnership with Binance and Talent City for Nigeria to harbour the first Virtual Free Zone in West Africa.”

Adesugba also stated that “the partnership when agreed would be similar to the Dubai Virtual Free Zone.”
By making this decision, NEPZA is opening up new possibilities for innovation in the administration and management of free zones in Nigeria and throughout Africa.

He said, ” We seek to break new grounds to widen economic opportunities for our citizens in line with the mandate of the Authority, the directive of the Honourable Minister and the economic development agenda of President Muhammadu Buhari. Our goal is to engender a flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,” Adesugba said.

What you should know

It is still illegal for Nigerian banks to provide services to clients who deal in digital currency in Nigeria. The CBN’s previous circular to banks and other financial institutions, which forbade cryptocurrency transactions and allowed payments for cryptocurrency exchanges, has not been reversed.

Nonetheless, the Securities and Exchange Commission of Nigeria released rules to regulate digital assets including cryptocurrencies. The SEC’s action effectively legalizes digital assets such as cryptocurrencies and NFTs in Nigeria, where the central bank had imposed an indefinite prohibition ascribing them as securities and not currencies.

Nairametrics recently reported that Nigeria has the most owners of digital assets in Africa. The country’s population of more than 22 million, or more than a third of the population of the continent, owns digital currencies.

In terms of the number of bitcoin owners, Triple A ranks Nigeria fourth in the world. The United States is at the top of the list with 46 million owners, followed by India and Pakistan at the second and third spots, with 27.4 million and 26.4 million owners of cryptocurrencies, respectively.

Previous Post

FG Presents Certificates of Registration and Sales Permit to Fertilizer Operators

Next Post

CIBN collaborates with FinTech NGR, and FSI to create Fintech Certification Programme.

Related News

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

by Rate Captain
June 2, 2023
0

The cryptocurrency market has experienced a significant decline in total investments, reaching its lowest point in 32 months during May....

SEC settles with former Coinbase employee over insider trading charges.

SEC settles with former Coinbase employee over insider trading charges.

by Rate Captain
May 31, 2023
0

Former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have reached a settlement with the U.S. Securities and...

Bitcoin Faces Monthly Loss Amidst Hawkish Fed and Capital Outflow Challenges.

Bitcoin Faces Monthly Loss Amidst Hawkish Fed and Capital Outflow Challenges.

by Rate Captain
May 30, 2023
0

Bitcoin, the leading cryptocurrency, is on track to experience its first monthly loss since December amid renewed uncertainty in the...

Nigeria’s Crypto Future: President Tinubu’s Promises and Potential Pitfalls.

Nigeria’s Crypto Future: President Tinubu’s Promises and Potential Pitfalls.

by Rate Captain
May 30, 2023
0

This new era of governance presents a unique opportunity for Nigeria to explore the vast potential of cryptocurrencies and revolutionize...

Next Post
CIBN collaborates with FinTech NGR, and FSI to create Fintech Certification Programme.

CIBN collaborates with FinTech NGR, and FSI to create Fintech Certification Programme.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Buhari and state governments get N651 million hardship allowance.

Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

June 4, 2023
Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

Rising Prices of Food and Essential Goods Follow Fuel Subsidy Removal Announcement by President Tinubu

June 4, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Former President Buhari Submits Assets Declaration Forms, Shows Zero Debt.

    0 shares
    Share 0 Tweet 0
  • Embracing Remote and Hybrid Work to Beat Transportation Costs in Nigeria.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • FBNH Plc reports Gross Earnings of N805.128 billion in 2022.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>