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ATHENS (Reuters) – As digital currencies become more mainstream, regulation is better for world governments than opposition to the cryptocurrency sector, Binance CEO Zhao Changpeng said on November 25. Said it was an option.
Cryptocurrency regulation has been in the spotlight following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month.
Speaking at a Binance event in Athens, Zhao said, I think most governments now understand that hiring will happen anyway. It is better to do so,” he said.
The murky world of cryptocurrencies came into the spotlight when cryptocurrency exchange FTX filed for bankruptcy protection in the US on Nov. 11 after traders withdrew $6 billion in three days.
An estimated 1 million creditors face losses totaling billions of dollars due to the collapse.
Nevertheless, Zhao said he hopes the industry will recover. “[This year]has been a very nasty year. Too much has happened in the last two months. I think the industry is healthier now…just because FTX happened. And not all other businesses are bad,” he said.
Asked if any countries will add cryptocurrencies such as Bitcoin to their reserves in the future, Zhao said he expects countries that do not have their own currencies to start.
“I think small countries start first,” he said.
Reported by Renee Maltezou, written by Michele Kambas.Edited by Anna Driver
Our criteria: Thomson Reuters Trust Principles.
