Binance CEO Changpeng Zhao (CZ) spoke at the Future Blockchain Summit Dubai on Day 2 of the gathering. The CEO has been actively vocal about the activities of the government, sharing his two cents on the same. In the Summit, the Binance CEO explained why it is futile to expect the entire monetary system to change in one day.
The Binance CEO spoke on the current stance of regulatory authorities on digital assets and the adoption rate for the new asset class. While we have already seen countries like El Salvador take a huge leap of faith, South Korea has allowed a few exchanges to operate in the nation in partnerships with banks.
Binance CEO believes that patience is the key
Changpeng Zhao explains why he believes that expecting crypto adoption in a short period is futile by reminding the audience that the current financial architecture has been around for centuries. Therefore, Zhao stressed the importance of patience when it comes to crypto adoption.
The main reason it is not easy to regulate blockchain-based products is because of the explosion of blockchain-based games and NFTs. While the industry keeps expanding at unparalleled rates, the regulatory authorities are not getting enough time to bring out regulations related to blockchain-based financial products.
Communication is of utmost important
Every crypto investor has noticed the heightened attention of the government in the industry. However, Binance CEO considers that this fact indeed has a positive side to it. The reason being simple, nobody knows what’ll work. It’s just a big hit and trial. Before making laws regarding cryptocurrencies, many nations are trying one thing and the other to tame the new asset class.
Binance CEO Chenpeng Zhao claims that the most important aspect while implementing regulations involves communication with the entities involved. He further announced that communication channels of Binance are always open for regulatory authorities.