china 2097078 1280Binance CEO Changpeng Zhao, in his recent interview with Blockshow, discussed the company’s constant efforts towards developing its ecosystem, broadening the scope of crypto-based services to newer markets and share his insight into crypto’s mass adoption and company’s future plans amid present market conditions.
Drawing a comparison of how cryptocurrencies are perceived in developed and developing countries, Zhao mentioned that governments of smaller countries tend to adapt to the idea of digital assets much faster as they have fewer regulatory reforms to worry about. He used the company’s native stablecoin, Binance USD (BUSD) as an example to elaborate on this statement. Referring to it as a cryptocurrency form of the US dollar, Zhao added that the government of Bermuda is also accepting BUSD as a form of tax payment.
Centralized stablecoin better than no stablecoin, Binance CEO
In a country like the US, where the governance and administration is more spread out with each jurisdiction having its own rules for cryptocurrencies, the adoption rate is bound to be low, quite naturally, Zhao elaborated. Per him, President Trump does not have as much influence over the Americans as President Xi Jinping has over the Chinese.
Commenting on China’s renewed efforts towards getting Chinese CBDC into the circulation as early as possible, Zhao stated the idea of centralized yuan is better than having no stablecoin at all. Besides, it will offer the country a chance to take the US dollar dominance head-on and bring in a larger audience by imposing fewer restrictions as compared to the US.
Binance not eyeing China as of now
And while he confirmed that following the Chinese leader’s strong endorsement for blockchain, China registered an all-time high in terms of trading volume, he ascertained that the possibilities of the world’s leading cryptocurrency exchange making its entry into a large and complex market such as China are very dim, at least at this point.
According to Zhao, although China boasts of authoritarian governance and centralized administration, the country presents enough scope and space for experimentation and innovation with the newest technologies and understand their implementation. That makes it even more difficult for Binance to make an entry there as there is already a well-established crypto exchange and mining community present there, Zhao explains.
That said, while a massive market like China may not be on the cards for Binance, it has managed to turn heads in another enormous market India. Last week, it acquired India’s leading digital asset exchange WazirX and added support for Indian Rupees (INR) to its ever-growing platform.
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