Quick take
1 minute read
- Changpeng Zhao has given praise to Jack Ma who openly gave his unfiltered opinion on the regulations of cryptocurrency in China.
- Specifically, he spoke at the 2nd Bund Finance Summit which is organised by the China Financial Forty Forum in conjunction with numerous all the organising committee member institutions.
The chief executive officer of one of the biggest platforms in the industry Binance, Changpeng Zhao has given praise to Alibaba Alibaba Holdings co-founder Jack Ma who openly gave his unfiltered opinion on the regulations of cryptocurrency in China. Specifically, he spoke at the 2nd Bund Finance Summit which is organised by the China Financial Forty Forum in conjunction with numerous all the organising committee member institutions.
Speaking, the co-founder highlighted that cryptocurrency is a big solution to some of the many problems seen in society today and more focus should be put into the industry directed to developing transparent updated financial systems.
In response to his comments at the forum, Vitalik Buterin of ethereum questioned what the co-founder meant and whether he was talking about centralised digital currencies or actual crypto. Responding to him, CZ said the following:
The literal translation of the word he used is “digital currency”. In the Chinese culture, the meaning is up for interpretation. That’s pretty much as far as he can push without getting into serious trouble for such a speech. He did push a lot of buttons though. Respect!
— CZ Binance (@cz_binance) October 25, 2020
This all comes after the topic of central-bank digital currencies has been the talk of the town in the crypto space over the course of 2020.
China is getting ready to release its digital Yuan later this year according to some reports and has just recently completed a seven-day public test on the asset to selected merchants.
As China looks to create its own central bank digital currency, the Bahamas is also getting on the hype train as reports surfaced early this year that it was looking into its own CBDC.
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