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."
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
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.