Binance CEO Changpeng Zhao, aka CZ, says that some governments are now taking a more positive approach to the rising crypto sector. The blockchain industry began to rise after the global COVID-19 pandemic started.
The logo of Binance US is seen at its stand in the exhibition hall during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. The worlds largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.
Because of its rising value, many investors are trying to take advantage of the growth experienced by Bitcoin, Ethereum, and other popular digital coins.
But, they are still not completely accepted. Although this is the case, CZ and other crypto bosses said that many regulators are now taking a more positive approach to cryptocurrencies.
"The tide is definitely turning," said Zhao via CNBC's latest report.
"To be honest, I feel we kind of did make it," he added.
Binance CEO Says 'Tide is Turning' on Crypto
Recently, some countries, such as China, banned cryptocurrency transactions because of several issues. However, this is not the case for other nations.
People walk past the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey. Turkey's Central Bank announced a ban on the use of cryptocurrencies and crypto assets for purchases, directly or indirectly to pay for goods or services. The announcement comes as Turkey's crypto market has boomed over the past few years.
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Crypto bosses stated that Britain and the United States are now considering having regulatory oversight of the rising blockchain industry.
This can be seen in the previous decision of the British Finance Minister Rishi Sunak, asking Royal Mint to produce non-fungible tokens for the country.
On the other hand, the U.K. government also announced that they would soon bring stablecoins into the local payment regime.
If you want to know more details about the latest observations of CZ and other crypto bosses, you can visit this link.
Problems With Cryptocurrencies
Digital coins are very different from regular currencies. There are several reasons why governments are still not accepting them completely until now.
These include possible threats to central banks, online crime concerns, as well as its the decentralized system of blockchain.
According to NRDC, cryptocurrencies are still unregulated. Because of this, their prices can easily be manipulated by anonymous entities. Aside from this, the U.S. government also warned that digital coins could allow countries to evade sanctions.
But, once governments completely accept cryptocurrencies, there's a high chance that these issues will be solved. Of course, this will still take a lot of time to happen.
As a crypto consumer, the best thing you can do is observe the happenings in the digital currency industry.
Meanwhile, a former ETH employee has been imprisoned after helping North Korea use cryptocurrencies to evade sanctions.
Previously, Australian crypto owners started using digital coins to purchase luxurious vehicles.
For more news updates about cryptocurrencies and other related business tech topics, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
