Binance CEO on catalyst for 90% crypto adoption

Binance CEO unveils solution for widespread crypto adoption

Changpeng Zhao, CEO of Binance, the world's largest cryptocurrency exchange by volume of trading, recently unveiled a solution that he believes could serve as a catalyst to drive cryptocurrency adoption among more than 90 percent of the population that is still outside the mainstream digital currency sector.

Correct regulations will facilitate the adoption of cryptocurrencies

In an interview with Yahoo Finance, Binance CEO Changpeng Zhao admitted that the adoption of cryptocurrencies would significantly "facilitate" having the right regulations for the digital asset industry, which CZ believes so far are missing.

- I really believe that having regulatory transparency will actually facilitate the adoption of the crypto world. There is a group of guys who got into cryptocurrency early, many of them may be libertarians, anarchists, etc. These are people who hate any kind of regulation. But I think for mainstream users, the remaining 90% or even 95% of users who are not yet in cryptocurrencies, having regulation will actually make it easier for them to enter this market, said Changpeng Zhao.

A well-known representative of the cryptocurrency industry noted, however, that not all regulations that are designed for the cryptocurrency industry are perfect.

Regulatory clarity definitely helps any industry and cryptocurrencies are no exception. But as of today, it cannot be said that all regulations dedicated to digital currencies are good. We have to look at specific legal solutions. For example, we have already dealt with countries where there is an explicit ban on cryptocurrencies. This is one type of regulation that is clearly not positive, he pointed out, concluding that ill-considered regulations are bad. Reasonable regulation is good.

He also believes that classifying all cryptocurrencies in the market as securities is probably somewhat simplified.

CZ points out that there are many different types of cryptocurrencies. Some of these coins are closer to currencies and some of them are more closely related to other types of financial instruments.

- I am able to clearly indicate the large number of individual tokens that are undoubtedly not securities - he added.