Binance is working with the government of Nigeria, To create an Export Processing Zone Authority. Creating a Dubai-style digital economic zone is the end goal.
According to the article, the Nigerian government plans to create a virtual free zone like the one in Dubai.
The partnership between Binance and Nigeria is comparable to an earlier one between the business and the city of Busan in South Korea.
Busan and the Changpeng Zhao-led exchange had previously agreed to work together to provide the city with the necessary infrastructure and advancements in technology via the signing of a memorandum of agreement.
The initiative’s goals include bolstering Busan’s blockchain network and bringing more attention to the city’s Digital Asset Market.
To further the growth of Cambodia’s securities market, the exchange has also signed a contract with the Securities and Exchange Regulator of Cambodia (SERC).
To further promote crypto and blockchain usage in the African nation of Cameroon, Binance has also just opened a crypto education centre.
Nigerians have a relatively high adoption rate of cryptocurrencies, but the country’s government has had a cool relationship with the sector.
The commercial banks in Nigeria were told to cease supporting crypto transactions by the Central Bank of Nigeria. The central bank highlighted as its reason the danger that cryptocurrencies represent to the national financial system.
The Securities and Exchange Commission claims that this set of rules would help safeguard investors and provide clarity in the market.
But people in Nigeria are still using cryptocurrencies despite the confusing regulatory environment.