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

[348Judah]

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



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.

Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy. https://twitter.com/officialNEPZA/status/1565685778256101377?t=rSLPDSf_qEW9MxCfIFW6rA&s=19

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.

[inthelongrun]

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.

[Henrobakkara]

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



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.

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

[cabron]

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?

[Henrobakkara]

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?

[Fortify]

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

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.

Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy. https://twitter.com/officialNEPZA/status/1565685778256101377?t=rSLPDSf_qEW9MxCfIFW6rA&s=19

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.

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.

[Gozie51]

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?

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.

[cabron]

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?

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.

[dothebeats]

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.

[TimeTeller]

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.

[Cryptomultiplier]

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.

[ololajulo]

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.

[apankay]

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

[Moneyprism]

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.

[Fivestar4everMVP]

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.

[Webetcoins]

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.

[$anounimus$]

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.

[Awwal08]

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



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.

Our goal is to engender a flourishing virtual free zone to take advantage of a near trillion dollar virtual economy in blockchains and digital economy. https://twitter.com/officialNEPZA/status/1565685778256101377?t=rSLPDSf_qEW9MxCfIFW6rA&s=19

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 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.

[hugeblack]

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.

[348Judah]

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?

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.

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.

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.

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.

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.

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