Regulations

The Cryptocurrency industry is bigger than any country

Amidst the turbulent being experienced in the cryptocurrency industry, with regards to Libra, Binance CEO claims that the industry would still thrive regardless of a ban from super power countries. This is according to an interview that CNBC held with the CEO one week ago.

The remarks come a few weeks after the president to the United States made a series of tweets stating that he was no fan of crypto and neither were cryptocurrencies liker Bitcoin or Libra going to overcome the mighty US dollar.

Changpeng Zhao who’s famously referred to as ‘CZ’ in the cryptocurrency industry, believes that the fact that Donald Trump is talking about cryptocurrencies, it’s a good thing for the market; and despite the remarks, Trump hasn’t done anything to harm cryptocurrency trade in the US.

“Trump so far has not done anything positive or negative, he’s just said he’s not a fan,” Zhao told CNBC

The US has been in the spotlight for the past few weeks for grilling Facebook’s crypto project, Libra. However, Changpeng believes that the cryptocurrency industry will thrive even if Trump makes it illegal to own cryptocurrency in the US, which is an implausible scenario.

“Cryptocurrency will survive regardless of anyone country; most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.” Said Changpeng Zhao during his interview with CNBC.

He also noted that in most countries where the government has tried to ban cryptocurrency, the demand for the digital currency increased.

Changpeng also noted that cryptocurrencies offer more transparency compared to traditional Fiat currencies. He pointed out that Banks loose millions but never disclose exact figures to their clients.

He made this statement with reference to the incident where Binance was hacked earlier in may; and lost about 7,000 bitcoins. The company was able to put in place transparent measures to compensate users all their funds.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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