Nigeria plans to Establish a special economy for Bitcoin and Crypto

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Nigeria plans to Establish a special economy for Bitcoin, Crypto

Nigeria seeks to create a special Economy for bitcoin and cryptocurrency. Nigeria is creating the first economic free zone for bitcoin and cryptocurrency in West Africa through the Nigeria Export Processing zones Authority (NEPZA), per a press release.

NEPZA is in discussion with Binance one of the leading cryptocurrency exchanges, as well as Talent City. which specializes in building special economic zones.

Our goal is to engender a flourishing virtual free zona to take advantage of a near trillion dollar virtual economy in blockchains and digital economy,” said Adesoji Adesugba, NEPZA’s managing director.

Furthermore, NEPZA explained that if a partnership is reached, the final product would mirror that of the Dubai Virtual Free Zone.

In fact, this past December, Binance entered into a Memorandum of Understanding with the Dubai World Trade Center. The memorandum intends to make Dubai a hub for bitcoin and cryptocurrency-related products and services by creating a “new international virtual asset ecosystem.”

In February of last year, the Central Bank issued a letter banning regulated institutions from “dealing” with bitcoin or cryptocurrency. Following the ban, Nigeria saw an uptick of 27% in peer-to-peer (P2P) bitcoin transactions across the country.

Indeed, just last year Africa as a whole became the largest country in P2P transactions in the World by volume. Around the same time, Chainalysis reported a global adoption index which showed Nigeria in the 10 Countries Worldwide for its adoption of bitcoin.

Moreover, as Dubai and Nigeria look to establish special economic zones to benefit bitcoin and other cryptocurrencies, we can take a look at existing economic zones. for instance, the free city of Pr`ospea is an example of a customizable economic framework.