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

[Asiska02]

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.

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[coupable]

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.

[samcrypto]

The reason why Nigeria's economic situation is continuously growing is that it's open to adoption and willing to accept changes that will be beneficial to its country at the same time. I'm also envious of it because, in our country, the government is planning to ban Binance without considering the huge number of crypto users. I hope more countries would turn to be crypto-friendly because it has a huge advantage for crypto investors and traders.

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.

[CryptoHeadlineNews]

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?

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.

[kryptocanon]

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.

[KennyR]

Nigeria had been the dark horse of crypto world. While the world was calling crypto ridiculous, Nigeria systematically built upon the crypto assets. They adopted crypto slowly and systematically. They educated masses for its uses and now they are establishing cryptocurrency economic zone. I hope other countries take cue from it.

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.

[Silberman]

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

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.

[Agbe]

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?

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.

[Majestic-milf]

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.

[kryptqnick]

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.

[Invester]

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.

[348Judah]

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.

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.

I observed that there are many Nigerians in this forum.

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

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.

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.

[BitcoinPanther]

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 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.

[_BlackStar]

Nigeria had been the dark horse of crypto world. While the world was calling crypto ridiculous, Nigeria systematically built upon the crypto assets. They adopted crypto slowly and systematically. They educated masses for its uses and now they are establishing cryptocurrency economic zone. I hope other countries take cue from it.

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.