In Brief
The Trust Project is an international consortium of news organizations building standards of transparency.
Binance is partnering with Nigeria to build an Export Processing Zone Authority (NEPZA). The aim is to create a digital economic areasimilar to Dubai.
The report stated that the Nigerian authorities intend to build a zone that will be similar to Dubai’s virtual free zone. The space upon completion will be the first in the West African region.
NEPZA’s Managing Director, Adesoji Adesugba, said the country’s “goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy.”
Binance Boosts Mainstream Blockchain Adoption
Binance’s collaboration with Nigeria follows a similar move the company made with South Korea’s city of Busan.
The Changpeng Zhao-led exchange had signed a memorandum of understanding (MoU) with the city of Busan to ensure technological and infrastructural support for the city.
The move is designed to help develop the city’s blockchain ecosystem and also the promotion of Busan’s Digital Asset Exchange.
The exchange also entered an agreement with the Securities and Exchange Regulator of Cambodia (SERC) to develop the country’s securities sector.
Meanwhile, Binance also recently launched a crypto education hub in Cameroon to further drive crypto and blockchain adoption in the African country.
Nigeria: Crypto Adoption
Despite Nigerians having a high crypto adoption, the Nigerian government has maintained a somewhat hostile relationship with the industry.
The Central Bank of Nigeria had ordered all commercial banks in the country to stop enabling crypto transactions. The apex bank explained that its decision is due to the threat crypto poses to the broader financial economy of the country.
Meanwhile, Nigeria’s Securities and Exchange Commission in May published a rulebook for digital assets in the country.
According to the SEC, the rulebook is aimed at ensuring investors’ protection and market transparency.
However, regardless of the unclear regulatory stance toward the crypto space, Nigerians continue to use crypto.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
Follow Author
More Articles
RELATED NEWS
MarketsNews Report
‘Big Brother’ Binance Helps Kyber Network Identify 2 Hackers Involved in Its Hack
6 hours ago
MarketsNews Report
Bitcoin Mining Can Revolutionize Energy Industry & Its Use, Says Arcane Research
7 hours ago
MarketsNews Report
Cardano (ADA) Leap-Frogs XRP to Become Sixth Largest Crypto by Market Cap
8 hours ago
MarketsNews Report
Bill Murray’s Ethereum Wallet Hacked After NFT Sale
10 hours ago
MarketsNews Report
Ethereum Unique Addresses Grow in Anticipation of Merge
14 hours ago
A group of Indian nationals stands accused of running this illicit business, converting digital currency into cash for clients seeking anonymity. Five out of the six suspects were apprehended on October 17th and charged with operating an unlicensed money-transmitting business.
JasperA Thai fortune teller claimed to have foreseen the moment of the crypto market's recovery in the past year, attributing this insight to communication with a deity.
CatherineCrypto investors in Thailand are turning to unconventional methods, such as tarot card readings and astrology, to predict market movements. While some may view these practices with skepticism, they are gaining traction in a culture where spiritual beliefs hold significant sway.
JasperExploring Elon Musk's scrutiny of Wikipedia's funding and the contentious debate over its financial future.
JixuPrivacy risks surface as TikTok account exploits facial recognition technology to expose unsuspecting individuals, igniting concerns about online safety and security.
Hui XinAccording to Binance research report, NFT sales in the third quarter of 2023 hit a three-year low, reaching $299 million. September marked the worst month for NFT sales since January 2021.
JoyInternational banking giants have achieved a significant milestone by successfully conducting the first UDPN proof-of-concept, enabling real-time exchange and transfer of stablecoins.
JasperThe crypto community’s speculating that the private keys associated with the stablecoin's deployer address might be compromised in the wake of a recent third-party breach.
JasperBitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
CatherineUS federal appeals court has ruled in favor of Grayscale Investments, allowing them to pursue the creation of an exchange-traded fund (ETF) based on Bitcoin, despite facing objections from the US Securities and Exchange Commission (SEC).
Catherine