According to Binance CEO Changpeng Zhao, the volume of cryptocurrency trading in China has increased significantly after XI Jinping’s statement, but it is difficult for The company to enter this market.
Zhao said that China is very centralized and quite strict in terms of regulation. It provides great opportunities for experimenting with technologies, but it is very difficult to launch a cryptocurrency platform in China due to the previous experience of the authorities with such exchanges and the developed mining ecosystem in the country.
The CEO of Binance also noted that small States react much faster and regulate cryptocurrency platforms less strictly. For example, the Binance USD (BUSD) stablecoin is already used by the authorities of Bermuda to accept tax payments, which is unacceptable for the rest of the developed world.
“President trump does not have the power in the United States that XI Jinping has in China,” Zhao said.
Regarding the launch of the digital yuan, Zhao believes that ” having a centralized stablecoin is better than not having a stablecoin at all.”
Recall that Binance recently announced its entry into the Indian market with a billion potential users through a deal to acquire the local platform WazirX.