Authorities in Nigeria and cryptocurrency exchange Binance Holdings Ltd. are negotiating to create a digital economic zone that will support blockchain technology adoption by businesses in the West African country. This will help improve the level and the rates at which the economic system in the West African countries will operate and this will strengthen the economy.
According to a statement by the Nigeria Export Processing Zones Authority, the partnership intends to create a digital hub in line to the Dubai virtual free zone. This will bring a better chances of making huge transactions with little time and the risk of money laundry.
Nigeria, which happens to be one of the most populous country in Africa, is focusing more on the digital technology as a way to diversify its economy away from crude oil and and agriculture and to take advantage of a population that is becoming more connected and youthful. Most of the things happening now are now making the youth want to have a better say in the country and I think the country is trying to bend to their tune. Startups in the fintech industry with valuations of $1 billion or more include Interswitch Ltd. and Flutterwave Inc.
The government passed laws governing the trading of digital assets this year which tend to affect most people that are into cryto exchange and more other exchange businesses, and Nigeria Exchange Ltd. wants to launch a blockchain-enabled platform the next year to expand trading at the exchange. This coming up, will bring a massive turn out to the country's economy because larger stake of people are into this digital money..
According to a survey by price tracker CoinGecko, coinmarketcap and many others, Nigerians have shown the most interest in cryptocurrencies of any nation since the decrease in the value of the digital assets started in April. This has given a heads among all other country and which I really believe with time, other countries will adopt this process into their economic system to improve their economic stability...