LBank Supports and Shows Readiness for the “Virtual Free Zone” in Nigeria
The Nigerian government announces its moves to establish a digital city aimed at supporting blockchain and crypto projects, according to reports from the Nigeria Export Processing Zones Authority (NEPZA).
The digital city, which will be referred to as a “Virtual Free Zone,” is still in the planning stages and is intended to be a hub for entrepreneurs and startups working in the blockchain and crypto space.
The proposed “digital city,” according to NEPZA managing director Adesoji Adesugba, will be a first in West Africa and it will operate similarly to Dubai’s virtual zones. He also revealed that they intend to establish crypto-friendly rules, regulations and tax incentives for cryptocurrency enterprises.
It is hoped that the city will provide the infrastructure and support necessary for these companies to thrive. The digital city is just one of several initiatives the Nigerian government has undertaken in recent years to support the growth of the crypto and blockchain industry in the country.
Nigeria, Africa’s largest economy with over 217 million people, accounts for more than 22 million cryptocurrency owners, representing 10% of its population. As a result, the digital city will attract investment and create jobs in the country.
LBank, a top cryptocurrency exchange, has expressed its readiness to support the government in job creation and bringing more value in different aspects to accelerate the growth of the region.
The trading platform has already made progress in the Nigerian markets as it has in the past months been engaging in several educational Masterclasses, workshops, seminars and online virtual classes for its people.
The ongoing “Crypto Accelerator Program,” is another mark of the exchange’s commitment to fostering blockchain advancement in the country. Most importantly, LBank will bring you more updates as we hope for a better digital future for Nigeria.
Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
