en

Central Bank's Digital Coin Might Not See Light Of The Day: Changpeng Zhao - TCR


www.thecoinrepublic.com May 04 2021 10:12, UTC
Reading time: ~5 m

In an interview with Bloomberg, Changpeng Zhao, the Chief Executive Officer, Binance, talked about traders sticking towards cryptocurrencies and not the digital currency that the Central Bank in China has introduced. He believes that traders will favor the cryptocurrency only as it gives more freedom to the users.

Changpeng Zhao opined that Bitcoin and Ether cryptocurrencies will co-exist for some time now. There are more restrictive digital coins around like China’s Central Bank digital currency that has been issued lately.

Zhao believes that these digital currencies issued by the central bank will be different from what already exists in many ways. He believes that these coins will not have the freedom that traders enjoy with cryptocurrencies. Also, these controlled coins will not have a supply in place. Zhao is popularly known as CZ in his circle and runs the world’s biggest bitcoin exchange.

He is not in favor of the central bank’s digital currency and feels that there will be a lot of control over them. He further argued that there are many differences between the central bank-controlled digital currency and the public cryptocurrencies. The Central bank controlled currency will not attract people drawn to the crypto world. He believes that cryptocurrencies are the core properties of the users for which they care the most. Hence, he does not see any future for the central bank version of coins.

Bitcoin and Ether have become popular cryptocurrencies

It is known that of late bitcoin and Ether have become popular cryptocurrencies among the traders. They hit an all-time high this year as institutional investors showed a great deal of interest in these currencies apart from corporates who invested in them to add to their balance sheets.

Ether hit a record high of $3,339 in the Monday trading session. Bitcoin was used for transferring digital value. Ether becoming the popular crypto is that it runs on the Ethereum blockchain where other types of transactions are also possible.

NFTs are one such popular mode of transaction supported on Ethereum blockchain, which is becoming very popular among traders nowadays. Many artists, celebrities are using NFTs to raise money. Hence, users demand Ether to purchase assets. This could also be one of the reasons for driving the prices of Ether to a record high.

People want other coins to do new types of transactions

According to Zhao, people are experimenting with their choices today. People want other coins to do new types of transactions, so all of these use cases are moving right now, and Ethereum is o e of the best examples of this move. That is the reason for Ether going up.

He also informed Bloomberg that 70% of Binance users are retail customers and the rest are institutional investors. Zhao is not interested in making his company public and following Coinbase Global Inc., which listed shares directly on Nasdaq last month. He is confident that Binance is in good shape and making money on its own.

In an interview to Bloomberg Changpeng Zhao talked about the sentiments of traders sticking towards the cryptocurrencies and not the digital currency that has been introduced by the Central Bank in China. He is of the opinion that traders will favour the cryptocurrency only as it gives more freedom to the users.

Changpeng Zhao, Chief Executive Officer, Binance while talking in an interview with Bloomberg expressed that Bitcoin and Ether cryptocurrencies will co-exist for some time now. It is because there are more restrictive digital coins around like China’s Central Bank digital currency which has been issued lately.

Zhao believes that these digital currencies issued by the central bank will be different from what already exist in many ways. He is of the opinion that these coins will not have the freedom that traders enjoy with cryptocurrencies. Also, these controlled coins will not have a supply in place. Zhao is popularly known as CZ in his circle and runs the world’s biggest bitcoin exchange.

He is not in favour of the central bank digital currency and feels that there will be a lot of control on them. He further argued that there are a lot of differences between the central bank controlled digital currency and the public cryptocurrencies. The Central bank controlled currency will not attract people drawn to the crypto world. He believes that cryptocurrencies are the core properties of the users for which they care the most. Hence, he does not see any future for the central bank version of coins.

It is known that of late bitcoin and ether have become popular cryptocurrencies among the traders. They hit an all-time high this year as institutional investors showed a great deal of interest in these currencies apart from corporates who invested in them to add to their balance sheets.

Ether hit a record high of $3,339 in the Monday trading session. Bitcoin was used for transferring digital value. The reason for Ether becoming the popular crypto is that it runs on the Ethereum blockchain where other types of transactions are also possible.

NFTs are one such popular mode of transaction that is supported on Ethereum blockchain and this is becoming very popular among the traders now-a-days. Many artists, celebrities are using NFTs to raise money. Hence, user demand for ether to purchase assets. This could also be one of the reasons for driving the prices of ether to a record high.

According to Zhao, people are experimenting with their choices today. People want other coins to do new types of transactions so all of these use cases are moving right now and Ethereum is o e of the best examples of this move. That is the reason for ether going up.

He also informed Bloomberg that 70% of Binance users are retail customers and the rest are institutional investors. Zhao is not interested in making his company public and following suit of Coinbase Global Inc., which listed shares directly on Nasdaq last month. He is confident that Binance is in good shape and making money on its own.


   Source

Crypto News is the news aggregator about cryptocurrency, ICO, mining and blockchain.