{"id":66686,"date":"2022-09-05T13:01:49","date_gmt":"2022-09-05T10:01:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66686"},"modified":"2025-09-07T02:39:21","modified_gmt":"2025-09-06T23:39:21","slug":"nigeria-and-binance-to-create-a-blockchain-focused-free-zone","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigeria-and-binance-to-create-a-blockchain-focused-free-zone\/","title":{"rendered":"Nigeria and Binance to create a blockchain-focused free zone"},"content":{"rendered":"<p>Nigerian authorities and the cryptocurrency exchange Binance are in talks to establish a free digital economic zone that will help entrepreneurs accelerate the adoption of blockchain technologies in the region. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-04\/nigeria-binance-in-talks-for-digital-city-to-develop-blockchain\"> Bloomberg<\/a> reports.<\/p>\n<p>The partnership is aimed at creating a digital hub, &#8220;analogous to the Dubai Virtual Free Zone&#8221;, according to a statement from the Nigerian Export Processing Zone Authority.<\/p>\n<p>The authorities aim to diversify the economy by reducing its dependence on crude oil extraction through digital technologies. The driver of innovation is expected to be a young and active population.<\/p>\n<p>In February 2021, the Nigerian central bank prohibited commercial financial institutions from providing services to cryptocurrency exchanges and companies dealing in digital assets.<\/p>\n<p>Subsequently, the Senate proposed that the central bank regulate the sector rather than restricting it.<\/p>\n<p>In May 2022, <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> Nigeria&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/nigerias-sec-classifies-cryptocurrencies-as-securities\">classified<\/a> cryptocurrencies as securities.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian authorities and the cryptocurrency exchange Binance are in talks to establish a free digital economic zone that will help entrepreneurs accelerate the adoption of blockchain technologies in the region. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":66687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,150,36],"class_list":["post-66686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-nigeria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66686"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66686\/revisions"}],"predecessor-version":[{"id":66688,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66686\/revisions\/66688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66687"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}