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Nigeria Sets Plans to Launch a Special Economic Zone for Bitcoin and Crypto

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Nigeria is pursuing to create the first economic free zone for Bitcoin and cryptocurrency in West Africa through the Nigeria Export Processing Zones Authority (NEPZA), according to a press release.

Talent City specializes in building special economic zones and is working alongside Binance and NEPZA.

According to NEPZA’s managing director, Adesoji Adesugba, "our goal is to engender flourishing virtual free zones to take advantage of a near trillion dollar virtual economy in blockchains and digital economy."

Additionally, if the goal is met and the special economic zone is established, NEPZA explained that the zone will model the success of the Dubai Virtual Free Zone. To paint the picture of what the goal of the zone would be, the Dubai World Trade Center and Binance entered into a Memorandum of Understanding with the intention to make Dubai a hub for Bitcoin and cryptocurrency-related products and services by creating a new "international virtual asset ecosystem."

About Africa and Nigeria

In February of last year, the Central Bank of Nigeria banned regulated institutions from "dealing" with Bitcoin and cryptocurrencies. Shortly following the ban, Nigeria observed an increase of 27% for peer-to-peer (P2P) Bitcoin transactions throughout the country. 

As of last year, Africa became the largest continent in terms of volume of P2P transactions. Nigeria was reported as one of the top ten countries worldwide for its adoption of Bitcoin according to Chainalysis.

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