Binance CEO explains risks involved for countries allowing crypto : News Reel: Business Today
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Binance CEO explains risks involved for countries allowing crypto

Avneet Kaur | March 16, 2021

While the Finance Minister has softened her stance to experiment in the crypto space, there is still a lot of confusion about the legal status of cryptocurrencies in India. As bitcoin, the most popular cryptocurrency keeps breaching fresh highs, the space becomes captivating for investors, but the unclear laws arrest the participation. Business Today's Avneet Kaur spoke to ChangpengZhao, CEO of Binance, the world's largest cryptocurrency exchange to learn about the risks a country could face by allowing crypto. "Suppose if people use US dollars to commit some crime, does not make US dollars illegal. There's nothing bad about US dollars. Bitcoin is a better currency on many different fronts," says CZ. "I think limiting your citizens ability to hold cryptocurrency is almost the same or probably the worse than limiting your citizens to use internet or mobile phone:, he adds. We also asked him if it is possible to allow crypto as an asset while prohibiting its use as a currency.

Also Read | 'Banning cryptocurrencies as currency is not possible,' says Changpeng Zhao of Binance

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