CZ: governments understand that the adoption of cryptocurrencies is inevitable

11.06.2023, 17:01
Binance CEO Changping Zhao (CZ) spoke about the regulation of cryptocurrencies after the collapse of the FTX cryptocurrency exchange:
CZ: governments understand that the adoption of cryptocurrencies is inevitable
I think most governments now understand that adoption will happen anyway. It is better to regulate the industry than to try to fight it.

FTX, a major cryptocurrency trading platform, declared bankruptcy on November 11. It is believed that 1 million creditors suffered losses, and the amount of losses reached billions of dollars.

Changpeng Zhao compared the collapse of FTX to the 2008 financial crisis, characterized by a cascade effect. According to him, the year was very unpleasant, nevertheless, he expects the recovery of the crypto industry:

Too much has happened in the last two months. Now we see that the industry has become healthier... the fact that FTX has collapsed does not mean that any other project is bad.

To restore confidence in the sector, Binance has allocated two billion dollars to the crypto industry recovery fund. The exchange provided details of the initiative last week.

Answering the question about which countries will add cryptocurrencies, including bitcoin, to their reserves in the future, Zhao said that states that do not have their own currency will lead this trend.

Last September, El Salvador became the first country to make bitcoin legal tender alongside the US dollar. Since then, the country has bought thousands of BTC for its treasury.

Now El Salvador is buying one bitcoin a day, this initiative was announced by the country's president Nayib Bukele.
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