Binance Plans to Create a Blockchain-focused Free Zone in Nigeria

Crypto exchange Binance is negotiating with Nigerian authorities to create a free digital economic zone that will help entrepreneurs accelerate the adoption of blockchain technologies in the region, Bloomberg has reported.

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

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The Nigerian authorities want to diversify the economy, reducing its dependence on oil production through digital technologies. The country’s active and young population could become a driver of innovation.

The Central Bank of Nigeria last year banned commercial financial institutions from providing services to crypto exchanges and companies working with digital assets.