CEO of Binance, the world’s largest cryptocurrency exchange Changpeng “CZ” Zhao argues that banks should play a greater role in the development of digital assets.
Binance CEO Changpeng Zhao expressed his views, stating that despite over a decade of competition between the two financial sectors, banks are helping an important function in the crypto ecosystem.
“Banks and the crypto industry are the ones that Satoshi said in 2008. bitcoin It has been in competition ever since it published its whitepaper. The truth is, banks play a critical role in the crypto ecosystem. We need them to sustain their adoption and that is why we support their increased participation in crypto development.”
Zhao, Basel Banking Supervisory Committee He thinks the decision by BCBS to take an opinion on the extent to which banks can have exposure to crypto assets is highly positive for the digital assets industry. The primary function of the BCBS is to set standards for the regulation of banks around the world.
“The Basel Committee of Banking Supervisors shared a consultation on detailed requirements to allow banks to keep a limited inventory of crypto on their balance sheets and prudent treatment of crypto asset risks. They will be eligible to hold digital assets, albeit in small numbers at the initial stage, which will depend on current requirements. However, banks cryptocurrency Justifying his detention is both a positive and correct decision. This represents quite significant progress.”
crypto billionaire, cryptocurrency regulation He concluded his speech by stating that “reasonable and consistent regulatory frameworks” on the issue can encourage growth in the sector.
“At Binance, we always welcome regulations that enable consistent, responsible innovation, protect users, and give them choices globally. As an industry, we can build trust through sensible and coherent regulatory frameworks that will grow this space over the long term.”
Although the Binance CEO’s opinion seems to go against the fundamentals of the cryptocurrency industry, the claim that it is the key to development within the existing economic system seems quite logical. We are curious about your views on this matter.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.