Blockchain Has A Bright Future Claims Binance CEO
Blockchain expert and CEO of Binance, Changpeng “CZ” Zhao, is positive about the future of blockchain and digital currency, saying the industry will get more prominent in the coming years.
According to an interview with Bloomberg, he comments on the future of blockchain-based technologies, reviews the current optimistic developments in China, and comments on international regulation and the role Binance is playing to nurture their growth.
Last week, Bitcoin was described as “not the future” and “not real” and by former ECB (European Central Bank) president Jean-Claude Trichet, who is concerned about the volatile nature of cryptocurrencies and what effect it may have on the market.
In response to this, Zhao highlighted the immediate relevance of the time frames: Bitcoin, being that it’s still an aborning technology and a smaller cap instrument, inherently has volatility.
He reminded listeners that the basics behind the technology are sound and that in the longer-term — 1,5, or 10 years on the horizon — the industry will only get larger and prices higher.
China Leading Blockchain Development
He mentioned recent comments regarding 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, can set the bar across the globe when it comes to the industry, saying: “it’s difficult to move quicker than China, I feel we’re going to see a race there.”
As for cryptocurrencies, Zhao reiterated the association between the digital coins and blockchain and stated that since they go together, in the future, “we’ll see a robust adoption of cryptocurrencies” in China.
Zhao also cleared the rumors that Binance is opening an office in Beijing. Though he does state that the exchange is hoping to work with and follow recommendations made by Chinese financial authorities:
“Our strategy is straightforward. We want to follow the suggestions pretty closely, and we wish to develop the Blockchain technology research & development.”
Binance: Role in Regulation
When it involves regulation elsewhere, Zhao called it “a race towards adoption.” He spoke on the role that Singapore has 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.
Binance also recently signed an MoU (i.e., memorandum of understanding ) with the government of Ukraine to advise on a regulatory framework. Further, 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.