Bitcoin Forum

Nigeria to establish an economic zone which is crypto friendly with Binance

https://i.imgur.com/6omw8Q1.png

The government of Nigeria the largest cryptocurrency economy country in Africa is considering a cryptocurrency partnership with Binance exchange to establish an economic zone where cryptocurrency could be best put in practice in a friendly manner to the citizens for convenient operations of cryptocurrency activities within the country in other to boost the economy growth and development.


The country is making moves to better the use of cryptocurrency in its increasing crypto economic system considering the vast growth of the population which are contributing more to the advancement of crypto in the entire Africa at large, this could be an encouragement the more towards the uses of bitcoin, it applicable aspects along with some other cryptos as means to accepting payment in their businesses.

Wow! I am envious. Not like in my country where CZ itself visited, committed to some charity programs, and offered willingness for Binance to apply and comply with regulatory laws but was denied. My country stated that it will not accept new VASP (Virtual Asset Service Provider) applications in the next 3 years. A group is also actively calling to ban and imposed penalties on Binance. So it is either my country's government officials were paid by our current VASP providers or they believe that giving Binance a license might dominate the market that our current VASP providers are enjoying.

I very much doubt whether the Government was really thinking of the citizen when they decided to go this new route in partnering with Binance. From a Similar topic over in the Bitcoin section linked below, I kinda agree with the different doubt about why the Nigerian Government is doing this, after all, we know what their stand is with cryptocurrency trading in the country and they are yet to announce a reversal of that law that prohibited crypto transactions through direct personal bank account and yet they want to partner with the Biggest Crypto Exchange.
https://bitcointalk.org/index.php?topic=5412452.0

Cool. They are really serious in the adoption of crypto in the region. Assuming they could create something like China did where comoanies and manufaturers settle there because of cheaper labor. I think the labor in Africa is even much cheaper in China.

The world will once again depend on African manufacturers. And the continent also have huge deposits of resources. Horay to Africa!

Do you think Binance will push BNB tokens to them not just BTC?

Not in Nigeria, The Nigerian Government has never really supported the adoption of Bitcoin or any cryptocurrency. In fact, Nigeria is one of the African countries that have already started operating its own CBDC because they don't want cryptocurrency but for some reasons yet unclear they want to partner with Binance Exchange and as earlier mentioned, have not lifted the ban on Bank transactions on cryptocurrency so how Adoptable is that?

It does seem like a match made in heaven, Nigeria gets to test the waters with this crypto idea and shady Binance get a slight legitimacy boost. Judging from past things I've seen with Binance, they're probably quite willing to engage in the sort of "deal making" that is useful for politicians who accept gifts but probably less favorable than it should be to the average Nigerian who might want to use this economic zone. No doubt Binance is aiming to capture new markets since they have been scaled away from stock market listings in places like New York and London because it requires strong financial transparency - the fact they don't want has to make you wonder what's really going on, but then they do gouge fees like crazy.

That is double standard and you are right if Nigeria kicking against crypto and Bitcoin, running after the youths and arresting them on same crypto that they now want to join minds with one of the largest cryptocurrency exchange. That is rejecting something and going back to accept it at same time. This collaboration is going to bring the Nigerian government to review the ban on crypto trading that are linked with exchange and even mostly binance exchange.

That is also very interesting for Nigeria. If Nigerian government plants to dominate one day among the countries in Africa,  Nigeria might just be successful in doing so. The country will probably adopt crypto as well while they have CBDC. CBDC is sort of a back up in the region I guess if the crypto adoption will fail.

Its an experimentation phase still but no other time so far in history where African countries are fighting back vocally the ones who suppressed their development, I guess they find more freedom in crypto.

While this in itself is a very good news for Nigerians, we should hope that the management of the region/zone will not fall into the hands of the corrupt. This is a huge opportunity for Nigerians to learn a lot about cryptocurrencies, and this might help open up jobs for people in the country. However, we all know that a lot of politicians in Nigeria are corrupt. They cna easily embezzle the profits made by this economic zone and it those $$$ will never see the light of day again.

Binance keeps on opening up partnerships on a lot of countries. It seems like they really wanted to be on top of everybody when it comes to introducing cryptocurrencies to a wider audience.

The move is for the sake of the Nigerians when it comes to crypto market.
So it is now on the hands of their politicians if they will utilize it for good or not.
Corruption is rampant in this country, so we can't do anything about it when politicians decide what to do with their income.
But setting aside this thought, I believe, the initiative of binance is great.
Reaching out to these people to offer their services and the chance to connect with all the other people in this world.

I applaud this great idea, what I hope to see, is it being fully enacted as it is truly an innovative step toward abundance. Nigeria just ranked highest amongst the major influencers and users of Cryptocurrency in Africa and amongst other leaders,  this is after launching its digital currency, the e-naira.
Sincerely, this adoption of Binance for trade or other cryptocurrencies at large will do greater good than evil. The Nigerian populace will have an expanded economic frontier in that the opportunities inbound with cryptos, such as elevation of poverty and unemployment, will help ease down on current economic, political, and religious sentiments ongoing. This establishment of an economic zone that is crypto-friendly with Binance, is with an open arm, a step in the right direction.

It important they reveal details of the provision by the Government. I dont trust such provision by the Government, is it not the same Government that has been siphoning the citizens with terrible and unfriendly economic policies. Binance needs to think very well before making any decision with the government. We are still safe and satisfy with P2p transaction, they should not allow themselves to be compromise. Nigeria is one of the largest user of the exchange, if they are not careful they will lose the country's users massively.

I think this is the first virtual free zone in west Africa. This is a brilliant stride from the government in trying to diversify the economy and make crypto a big part of Nigeria's future. I hope it is well managed and not used by the government as another tool to control the finance of the Nigerian youths

this is a very good step because it will boost crypto adoption in Nigeria and will make a very positive impact on the global crypto market... especially Nigeria is one of the largest crypto market shares globally, so this is positive news.

I came across this news this morning when I was just surfing around the internet.
I must say that as a Nigerian I am, I was really glad when I read the news, first thing that came to my mind was that, this is a step towards lifting the ban on cryptocurrency transactions in the country and finally legalizing bitcoin.

The government of nigeria has, maybe, come to the realization that their stance on Bitcoin and cryptocurrencies in the country can not change or deter the youths of the country from getting involved in crypto and utilizing the opportunities in it.

Kudos to Binance.

We are not from Nigeria but we feel great about this news so how much more you guys that are from this country? I think that feeling is going to be superb. Not sure if this step is considered as a lift to the ban but I think this is just an alternative since they know that crypto is mostly ban on this country. They make a crypto friendly zone instead for the people that has an interest on crypto to go there and do all the crypto activities without having a fear of being restricted or anything.

Let us hope that bitcoin will soon be unbanned again on this country and once it happens then I think many big names in the crypto field are going to do the same thing as binance.

I think This is good news for the country of Nigeria and for everyone who trades in cryptocurrencies. By giving all Nigerians access to invest in cryptocurrencies, it will increase the potential of Nigerian businesses to leverage blockchain technology for their growth. so, If Binance and the Central Bank of Nigeria (CBN)  have initiation it will make the first steps toward establishing an economic zone within the country—as a cryptocurrency-friendly institution that makes doing business in Nigeria easy.

Wow this is a nice development, finally we about to gain our in our own country. I just pray this shouldn't be a trap for us. I know my country they like adapt the saying "if you can't fight them join them". Please take caution because our leaders are very intelligent.

I don't know, but if they really intend to create an economic zone that is friendly to cryptocurrencies, at least they chose several platforms and not just binance, I know that binance has an impact, but you can't limit dealing with it only.
And what will happen if any problem occurs to binance, will cooperation stop or what?
In general, I see that binance is expanding in all continents, and I hope this ends well.

Government are considering their own benefit and not the people's choice, they kick against bitcoin because it is fully decentralized while they think having collaboration with CZ could bring something beneficial to them as government since a deal is going to be made as MoU in partnership that both could derive a good benefits, but what the people want isn not the step they are taking, total freedom from a centralized entity in handling finances is what we want, which is obviously a change.


That's why i don't trust any deal with a centralized body, their aim is to direct and center their motives for making profits to their suit as priority first before considering the people, government here will have a means of negotiation with Binance and likely advise to introduce a new token or coin aside bitcoin just as inbthe case of Central African Republic which has the introduction of Sango token as part of its project.


The government may think they are helping but rather is to thier favour as exchange.

I'm hoping that this effort to create a countrywide crypto-friendly community won't just end with this meeting with Binance. In order to diversify its application for the people of Nigeria, I hope they also collaborate with other exchanges. First and foremost, the lifting of the restriction prohibiting banks from processing bitcoin transactions will inspire hope among the general public and increase interest in cryptocurrencies. The young people who are already involved will have more optimism and a sense of inner peace as a result, and they won't be afraid to use it furthermore.

This may appear at first glance as a good step towards the comprehensive adoption of crypto in countries that need real alternatives to get out of their financial crisis and disengage from other currencies that suffer from inflation. But there is an important point regarding that a private foreign company (Binance) will work in accordance with the state and have the right to hand over to the government all the data that it may request about users, including the volume of their savings and the number and value of their transactions. This is against the principle of the blockchain philosophy at all.

More countries in Africa should start to adopt technology and with this crypto adoption in Nigeria, it will open a lot of opportunities for them as long as their corrupt politicians will not block such developments. There’s a lot of things that needs to be address in Nigeria but with this, this could be the start of their growth. Hoping for a more successful crypto zone in Nigera, I applaud Binance for helping such countries to explore cryptocurrency, this is why Binance remains the top option to many.

I am still in doubt of the authenticity of this information, but however, I'm not surprised because this is how Nigerian politicians go about promising what they can't before the election period, and I was told the campaign for presidential election kick-starts in 3 weeks, so this could be a strategy to buy votes trying to impress the youth in cryptocurrency. So lets watch to see what the outcome of this will be.

After months of severe ban on cryptocurrency by the Nigerian government, they're lifting slowly, either way, I do not think they would by any chance allow this from happening, even though it all sound to me like a campaign method for their upcoming election. Honestly, if not for the government, Nigerians definitely by now had travelled far in this crypto space.

Nigeria is a major crypto player over the African region. Now it tries to capitalise with its plan of creating an economic zone for crypto market. Nigeria being a corrupt nation, beyond certain point it is hard to stand strong. The government that initiated the plan for the good will ruin the core value. As Binance is involved this seems to be fair and effective in its plan.

This is the very first thing that came to my mind as well, we know the government of Nigeria has been adamant about its refusal to approve cryptocurrencies despite the fact their population is using them and adopting them at a particular fast rate, so I wonder if the news is actually true? And if it is then what is the plan of the Nigerian government? Because as we know governments are always thinking about themselves and no one else, so it's obvious they're not doing this because of their population and most likely they have very strong reasons to change their policies so abruptly.

I am confused too. Nigerian government planning to work with Binance to support bitcoin. The story is like a fictional story to me. We all know the fact that Nigeria is the large crypto uses country in Africa but her government against the uses/usage of the currency (bitcoin/and other cryptocurrencies) and if really Nigerian government is planning to adopt bitcoin through Binance, that means, Nigerian Government is also planning to control Bitcoin through Binance which is not possible. Yes the CBDC which is also known as e-naira is no where to be found. Nobody is using it. I have not heard anyone says that they are or he is using e-naira for transaction. Nigerian Government should forget about the e-naira and adopt bitcoin for everybody to use. Creating e-naira (CBDC) is a waste of fund and energy. Which of the youth is going to use it when bitcoin is already here.

I can't help but be amused by the actions of the Nigeria government. We all know of the way they kicked against crypto currencies by introducing the E-naira and how this CBDC was strongly enforced on traders only to hear now that they are trying to establish an economic zone which is crypto friendly.

 Well, at least this is a positive step in a right direction and I'm glad to also notice that indirectly, they are turning to crypto as all else seems to be failing. Who knows, maybe they could end up establishing a crypto hub or village like other countries are doing.

An economic zone would be on a limited territory, right? And it's just considerations for now, they might not even go forward with it. Even judging merely from the threads I've seen on this forum about Nigeria, it seems clear to me that there are many small businesses and initiatives which aren't limited to big cities, even, and which focus on Bitcoin-friendly approaches. Nigerians are very cool people who are clearly doing a lot in trying to make their country a better place via crypto entrepreneurship. The government should just follow what people are doing and create a friendly environment for businesses to flourish. It should be all over the country, not in some special economic zone, and not just with Binance.

Nigeria is now vying to become a major crypto hub in Africa. They should follow with Central African Republic which lawfully recognized bitcoin as a legal currency. Nigeria is a country with a big economy and crypto adoption will only encourage more foreign investors into the country.

I observed that there are many Nigerians in this forum. I also observed that there are many Nigerians that are into cryptocurrency groups in social media. And these move by the Nigerian government will also provide more opportunities to them.

With no doubts the country will be fine with bitcoin adoption but unfortunately, unlike Central African Republic, Nigerian government are still on the fence on this aspect and they are thinking about introducing something else aside bitcoin adoption that may constitute just as it E-Naira make no relevant attraction for attention by the citizens.


Expect this but not only Nigerians here, we have all other countries fully represented on the forum here all over the world



The truth is that the government were not after the interest of the people but theirs, if not they would have hesitate not in administration of bitcoin as a legal tender, they may later come in with a funny coin or token introduction to worsen the case.

It is very clear that the Nigerian Government has other purpose in having partnership with Binance.  It is also possible CZ offers a good deal with the Nigerian Government that these officials can't refuse.  Anyway, this might be a possible start of new cryptocurrency adventure towards Nigerian gov't crypto adoption.  This is better than not doing anything at all with regards to cryptocurrency adoption.

I also think the same thing is offered in my country, Binance in partnership with government office in education citizen about cryptocurrency.

I can expect many other countries to do the same in the future. The crypto adoption civilization will continue to increase because it has received the focus and attention of governments in various countries. I can't expect global adoption to be so fast, but systematically and slowly it will be something that evolves.

One thing however, the most realistic adoption I can think of is that the government will only use this crypto to generate profits from users without legalizing it as legal tender. The CBDC they are talking about will be a potential project they have in mind for the industry, so other non-governmental crypto regulations will remain the same I guess.