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Nigerian govt, Binance hold talks on proposed digital city

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The Federal Government and cryptocurrency platform, Binance Holdings Limited, are currently holding talks on the establishment of a digital economic zone that will help entrepreneurs fast-track blockchain technology.

In a statement issued on Sunday, the Nigeria Export Processing Zones Authority (NEPZA) said the partnership aims to build a digital hub similar to the Dubai virtual free zone.

Bloomberg reports that the federal government is targeting digital technology to drive the diversification of the nation’s economy away from crude oil by taking advantage of an increasingly connected and youthful population.

READ ALSO: Binance founder, Changpeng Zhao reacts as Bitcoin investors lose $43.3bn

Cryptocurrency has gained considerable acceptance amongst the Nigerian youth over the years.

A study by crypto price tracker, CoinGecko, revealed that Nigerians are showing more interest in cryptocurrencies than any other country since the value of the digital assets began to decline in April.

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