Binance CEO: China Will Dominate Crypto Technology

While the CEO of Binance is actively praising the Chinese Central Government’s efforts in adopting blockchain technology in an interview for Bloomberg, the exchange’s Weibo account was blocked due to violating laws and regulations.

Changpeng Zhao

In an interview for Bloomberg, the CEO of cryptocurrency exchange Binance Changpeng Zhao commented positively on Xi Jinping’s blockchain initiative, stating that it will be hard for the rest of the world to catch up with China.

Zhao made his remarks on Friday in a featured episode about the Asian cryptocurrency market. Xi Jinping, who announced the central government’s blockchain efforts during a Politburo Committee session, received praises all across the crypto sector. According to some analysts, the news caused the price of Bitcoin to surge only a few hours after it reached mass media.

In his interview, the CEO of Binance stated that the initiative would result in an industrial transformation that would drive innovation. The push for blockchain adoption was called for by the most important political figure in the second largest global economy, an event that Changpeng commented as being ‘super positive’.

Furthermore, the CEO stated the following: ‘China is very pro-technology, so China will invest very heavily in blockchain technology and on the educational front as well. Given that China has now made that move, every other country in the world will have no chance but to follow or move faster. But it is going to be pretty hard to move faster than China to be honest.’

In this regard, we may see the rise of a race for blockchain technology, as the disruptive entity may eventually become adopted by most major nations if not all of them. However, despite the CEO’s positive remarks, Binance faces struggles with Chinese authorities in general.

Reported on the same day as the interview, the exchange’s Weibo account has been blocked by the Chinese blogging platforms due to alleged ‘violations of laws.’ Additionally, the official Weibo website states that the account has violated regulations and ‘relevant provisions of the Weibo Community Convention.’

While it is not entirely known what rules and laws the exchange violated, some suspect that Binance’s recent Chinese Yuan OCT platform may have led to the ongoing development. Besides Binance, the account of the Tron Foundation was blocked as well.

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