Federal Government: Binance to Examine Blockchain-Based Virtual Economy with $1 Trillion

TECH DIGEST- A virtual economic system is progressively emerging within the modern economy. The Nigerian government intends to use a virtual free zone to access the virtual economy on blockchains, which is valued at roughly $1 trillion.
A project called the virtual free zone will serve as a new center for e-commerce, innovation, and trade. It will be planned to create Nigeria the first African metropolis for digital commerce, with no import taxes, tariffs, or quotas.

The Federal Government is collaborating with Talent City and Binance, the largest cryptocurrency exchange in the world, to create virtual free trade zones for the export of services. The Nigeria Export Processing Zones Authority (NEPZA) and the Binance team conducted a meeting to talk through the project’s implementation strategy.

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Nadeem Ladki, Executive Director of Regional Strategic Partnerships for Binance, and Sameera Kimatrai, Senior Legal Counsel for Binance, represented the cryptocurrency exchange at the discussion, while Luqman Edu, CEO of Talent City, and Engr Sikiru Lawal, Director of Projects and Procurement for NEPZA, represented talent city.

In a statement, Professor Adesoji Adesugba, the managing director of NEPZA, said that after conducting talks with representatives of the two companies on Friday in Dubai, United Arab Emirates, the cooperation was required.

When the cooperation is finalized, according to Professor Adesugba, an almost identical free zone to the one in Dubai will be created. The ambition, according to him, will be focused on extending the bounds of innovation in the management and operation of free zones in Nigeria and Africa.

“We seek to break new ground to widen economic opportunities for our citizens in line with the authority’s mandate, the directive of the honorable minister, and the economic development plan of President Muhammadu Buhari.

“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,” Adesugba said.

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