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Binance CEO assertively advocates countries to embrace crypto

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  • Changpeng Zhao (CZ), the CEO at Binance, stated that the countries that feel endangered by cryptocurrencies should begin embracing them
  • He stated that large countries are becoming more open to the idea of this technology
  • Recently, the Indian government gave indications that they are not planning a blanket ban anytime soon

Changpeng Zhao (CZ), the CEO at Binance, stated that the countries that feel endangered by cryptocurrencies should begin embracing them as soon as possible instead of holding a stance against them. According to him, cryptocurrencies will support the development of the economy using the new tool.

Binance CEO’s statements of advocacy

Changpeng answered a question on the rigid stance that governments worldwide are acknowledging, including India, on the crypto assets. He stated that large countries are becoming more open to the idea of this technology as it proposes a fundamental layer for prospects.

He further added that the general response is a defensive one, by default, where they try to ban it and much more. However, he thinks that various governments have positively entered the crypto space in the last few years. 

He believes that the governments will eventually learn more about the functioning of cryptocurrencies in the long run. Now, Bitcoin is no more just for the lords of drugs, courtesy of the growing educational effort. It represents a finer form of money as an essential component for developing economies.

Japan legally accepted Bitcoin in the form of authorized tender in 2017. Coinbase, a US-based cryptocurrency trading platform, will be embarking on an IPO this year. Europe is working on crypto regulations that will allow banks to trade in cryptocurrencies.

The status of India regarding the crypto space

Quoted for discussion and progress in the current budget tenure of Parliament, many investors in the cryptocurrency trading networks and technology industry firms opposed the Cryptocurrency and Regulation of Official Digital Currency Bill of India, 2021. They expressed their preference for the regulation of digital assets.

Recently, the government announced that they are not planning a blanket ban anytime soon. Nirmala Sitharaman, the Finance Minister, said last week that the government is in conversation with the Reserve Bank of India and will conclude with a measured decision on banning cryptocurrencies. 

Binance’s Changpeng predicts a more beneficial association between the regulators in the near future. However, he suggested that the fair set of nations’ regulations will witness a few recurrences.

Bitcoin witnessed a historic rally of over 550% in the past year, establishing it as a profitable asset for many traders. According to Changpeng, the factors that boosted the surge in Bitcoin values involve halving the crypto asset, quantitative alleviating by governments across the nations as an outcome of the pandemic, a burst of new traders to crypto, and the surge of Decentralised Finance amid other various reasons.

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