Changpeng “CZ” Zhao, blockchain expert and CEO of leading cryptocurrency exchange Binance, is more than optimistic about the future of blockchain and digital currency, saying the industry will only get bigger over the next few years.
In an interview with Bloomberg published this week, he takes on the future of blockchain-based technologies, discusses the recent positive developments in China, and comments on international regulation efforts and the role Binance is playing to foster their development.
Comments by ECB
Last week, Bitcoin was called “not real” and “not the future” by former European Central Bank (ECB) president Jean-Claude Trichet, who is worried about the volatility of cryptocurrencies and what impact that may have on the market.
In response, Zhao highlighted the immediate relevancy of time frames: Bitcoin, being that it’s still a nascent technology and a smaller cap instrument, inherently has volatility.
He reminded listeners that the fundamentals behind the technology are sound, and that in the longer term — one, five, or ten years on the horizon — the industry will only get bigger and prices higher.
China Leading Blockchain Development
He discussed recent comments about blockchain made by Chinese President Xi Jinping, calling them “super positive.” Zhao believes that China, who is “very pro technology” and investing heavily into blockchain initiatives and education, will set the bar for the rest of the world when it comes to the industry, saying: “it’s harder to move faster than China, I think we’re gonna see a race there.”
As for cryptocurrencies, Zhao reiterated the connection between the digital coins and blockchain and said that since they go hand in hand, in the future “we’ll see a very strong adoption [of cryptocurrencies]” in China.
Zhao also shut down the recent rumors that Binance is opening an office in Beijing. Though he does say that the exchange is hoping to work with and follow recommendations made by Chinese financial authorities:
“Our strategy is very simple. I think we want to follow the recommendations very closely and we want to promote the Blockchain technology research and development.”
Binance: Role in Regulation
When it comes to regulation elsewhere, Zhao called it “a race towards adoption.” He spoke on the role that Singapore has as a key market player in the area, saying that the country’s regulators have an in-depth understanding of blockchain technology and promote “rigorous but also sensible” crypto regulation.
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Binance also recently signed a memorandum of understanding (MoU) with the government of Ukraine to advise on a regulatory framework. Next, Zhao is traveling to the Turkish Capital Markets Summit, set up by the Turkish government, with intentions to “support that market proactively” when it comes to putting in place a regulatory framework.
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