Binance CEO Changpeng “CZ,” Zhao said on Friday that regulation rather than opposition to the cryptocurrency sector would be a better option for governments as digital currencies become mainstream.
In the wake of the collapse of the crypto exchange FTX, Binance CEO CZ spoke at an event in Athens and opined that regulating the emerging sector would be better than fighting the industry saying:
I think most governments now understand that adoption will happen regardless. It’s better to regulate the industry instead of trying to fight against it.
Regulating cryptocurrencies has become a great topic of discussion in light of FTX filing for bankruptcy protection in the United States on November 11 after its customers withdrew $6 billion from the platform in a matter of three days. According to Reuters, an estimated one million creditors face losing billions of dollars. Zhao is however of the opinion that the crypto industry will recover from this devastating blow:
(This year) was a very nasty year, the last two months too much has happened. I think now we see the industry is healthier… just because FTX happened it does not mean that every other business is bad.
CZ was also asked whether he foresaw countries adding cryptocurrencies such as Bitcoin to their reserves in the future, to which he responded that he expected countries to start, especially in territories that do not have their own currency. Zhao added:
The smaller countries will start first, I think.
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