Nigeria, Binance to Establish Digital Economic Zone

Nigerian authorities and Binance discuss the establishment of a digital economic zone that will help entrepreneurs fast track blockchain technology in the country.

As part of the partnership a crypto hub “similar to the Dubai virtual free zone,” will be built in the country, Bloomberg reports. Nigeria sees digital technology as a means to diversify its economy away from crude oil.

This year, Nigerian government enacted regulations for trade in digital assets, while Nigerian stock exchange plans to start a blockchain-enabled platform next year.

Nigeria’s citizens showed more interest in cryptocurrencies than any other country since the digital assets began to decline in April, according to a study by price tracker CoinGecko.