What’s Going on in China? Changpeng Zhao Knows – Spotlight

Changpeng Zhao on China

Alex Saunders, the CEO and founder of Nugget’s News, has interviewed Chanpeng Zhao (CZ), the CEO of Binance. They discussed the recent events in China and Binance’s future plans.

Altcoin Buzz is providing you with takeaways of the interview with Changpeng Zhao.

Trade war and currency war. Will China win the ongoing competition with the US in the technological realm?

CZ believes China has grown significantly in the last decades. And the local internet is very developed. Besides, the Chinese economy is strong: there are many valuable companies and wealthy individuals. Currently, China is actively promoting RMB to be the world’s dominant currency. CZ is sure China will apply the same approach to the blockchain technology.

What is crypto’s and Binance’s story in China?

Binance was started in July, 2017 in Shanghai. But a few months later China banned crypto and ICOs. In October, 2017 the Binance’s office was moved. Since then, Binance has no offices in the country. But the company’s team is actively attending all sorts of conferences in the region. Besides, the exchange made some investments in China-based projects. It is noteworthy that Binance’s structure differs a lot from the common understanding of an office-based business.

Besides, CZ mentions that China’s main intention is to educate people about blockchain. Everyone should understand this technology in the same way we understand the internet. At the same time, it is quite clear that the government is promoting blockchain technology but not cryptocurrencies. Concurrently, further events were treated as a Bitcoin ban. But it is not exactly so. Bitcoin is pretty legal in China but with some operational restrictions.

About the digital Yuan

Recent events in China are definitely linked to the release of the digital Yuan. But this coin will not enjoy the same freedom as BTC. It will be designated for electronic payments. And no doubt, China will be promoting its own currency at the expense of others. It…

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