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Changpeng Zhao (CZ) has urged governments to regulate rather than fight cryptocurrencies.
CZ claims that most governments understand how cryptocurrencies work.
The Binance CEO added that cryptocurrency adoption will happen anyway.
Changpeng Zhao, CEO of leading crypto exchange Binance, believes governments around the world should not focus on fighting cryptocurrencies. Instead, they should focus on market regulation.
he mentioned the other day Speaking at a Binance event in Athens on Friday. According to CZ, as cryptocurrencies gain more mainstream adoption, regulation rather than opposition to the crypto industry will be a better option for world governments. He said;
I think most governments now understand that adoptions happen anyway.
Since then, governments around the world have turned their attention to the cryptocurrency market. FTX Exchange Collapses 3 weeks ago. Despite the FTX crash, CZ said he is optimistic that the crypto industry will recover soon. He said;
[This year]has been a very nasty year. Too much has happened in the last two months. I think the industry is healthier nowjust because FTX happened , not all other businesses are bad.
El Salvador became the first country in the world to adopt Bitcoin as legal tender. When asked if countries will add cryptocurrencies like Bitcoin to their reserves in the future, CZ said he believes it will happen, especially in countries that do not have their own currencies. He said;
“I think small countries start first.”
his speech comes a few days after his revealed in an interview Despite the FTX demise, the crypto industry is doing well. At the time, CZ said:
“I think we’re going to see a little bit of infection. Whenever a trading platform collapses there are a lot of other people and institutions that have money on the platform. I think we’ve seen Genesis stop pulling out I’m sure there’s one, two, or several people affected, and every time a platform fails, there’s a cascading effect.But overall, the industry is doing well.”
Binance is still the world’s leading cryptocurrency exchange, with a daily trading volume of around $11 billion.
