Contradanyc.com – Binance CEO Changpeng Zhao has called CBDC not a threat to crypto. Currently, many Central Banks from various countries are exploring what is called Central Bank Digital Currency (CBDC).
“Is CBDC a threat to Binance or other cryptocurrencies? I don’t think so. I really think that the more we have, the better,” Zhao said at Europe’s largest technology conference, the Web Summit, in Lisbon. Asia, Friday (4/11/2022).
He said the blockchain technology behind cryptocurrencies should be available to CBDCs and adopted by the government. According to Zhao this can validate blockchain technology and build trust among skeptics.
“This will validate the blockchain concept, so that anyone who still has concerns about technology, will say, OK, our government is using technology now,” continued Zhao.
Most of the major central banks, including the US Federal Reserve, Bank of England and European Central Bank, are studying the potential rollout of digital versions of their currencies, called CBDCs.
On the occasion, Zhao also expressed his opinion on the correlation of cryptocurrencies with rising stocks.
“In theory they should be inversely correlated, but today they run the same way, especially since most people who trade in crypto are also trading stocks,” he concluded.
Investment Cost of IDR 7.8 Trillion on Twitter, for What?
Previously, Binance invested USD 500 million or around IDR 7.8 trillion as an equity partner with Elon Musk in buying Twitter in the hope of using the social media platform as Web3 development.
According to Binance’s chief strategist, Patrick Hillman sees this as a major historic opportunity for research and development.
“This is an opportunity to take the prestigious Web2 platform and use it as a sandbox to start dismantling some of the challenges we’ve seen synthetics in the Web2 space,” said Hillman.
Hillman said the world’s largest crypto exchange by volume is looking to become an “important partner” in Twitter’s growth and innovation and will turn to “Web3 solutions” to solve some of the challenges on the platform.
This will later concern matters such as Non-Fungible Token (NFT) user authentication and whether the platform can be used as a payment system to make small microtransactions.
Binance head Changpeng Zhao earlier in an interview said he would ensure crypto and Web3 are part of Twitter’s future after backing Elon Musk’s takeover of the social media platform.
“We want to make sure crypto has a seat at the table when it comes to free speech. There are more tactical things, like we want to bring Twitter to Web3 when they are ready,” Zhao said.
As such, Binance has invested USD 500 million in its takeover of Musk, and has already created an internal team that will use blockchain to help the billionaire in his battle on bot accounts.
Binance Now Registered in French Crypto Regulation
Previously, cryptocurrency exchange Binance was registered with the French market regulator, Chief Executive Officer Changpeng Zhao said in a social media tweet. This move is part of the company’s plan to make Paris a European crypto base.
Reporting from Channel News Asia, Saturday, October 22 2022, General Manager of Binance France, David Pricay said, this is a real stamp of quality referring to registration with the regulator of the French financial market authority (AMF).
“Perceptions are changing. This allows us to move into a new phase, namely educating (the French public) on blockchain,” said Pricay as quoted by Channel News Asia.
Blockchain is a shared information ledger-like technology that is maintained and updated by a network of computers rather than a central authority. Major cryptocurrencies like Bitcoin depend on the technology.
Pricay said Binance France is now seeking an official license from the French market regulator to open a regional headquarters in France. Binance claimed it was the country’s top crypto exchange even before registration.
“France was the first EU country to register Binance, which is also seeking registration in Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria,” said Pricay.
Get License in Dubai and Bahrain
Previously, in March, Binance successfully obtained licenses from Dubai and Bahrain. Last year Binance received warnings from more than a dozen national regulators, including those in Germany, Italy and the UK. Some say Binance operates without a license in their jurisdiction.
The Binance CEO Changpeng Zhao, widely known by his initials “CZ”, last month pledged to invest USD 105.51 million in France and said he would give 2 million euros for the restoration of a room at the Chateau de Versailles. More
He also tweeted in support of French President Emmanuel Macron’s re-election bid.
Since its 2017 launch in Shanghai, Binance has grown aggressively around the world. A Reuters investigation published last month showed in Russia, where Binance dominates the crypto market, the crypto exchange is expanding its business while building relationships with Russian government agencies.