Changpeng Zhao (CZ) does not believe that Trump’s anti-crypto position has an adverse effect on the industry in general. The Binance CEO says the industry has sufficient maturity and resistance to censorship to survive any government-led repression. Meanwhile, the restrictive laws of the USA. UU. They are forcing more exchanges to move their business out of the country.
Negative attention is still attention
Speaking to the CNBC , Zhao says that the industry has nothing to worry about regarding the negative comments of the president of the United States regarding cryptocurrencies.
In early July, President Trump caused a stir within the encryption industry by labeling virtual currencies for lack of intrinsic value.
Commenting on the matter, CZ stated:
“SO FAR, TRUMP HAS NOT DONE ANYTHING POSITIVE OR NEGATIVE, HE SIMPLY SAID HE IS NOT A FAN. THE FACT THAT THE PRESIDENT OF THE UNITED STATES HAS TWEETED ABOUT IT AND TALKS ABOUT CRYPTOCURRENCIES IS A GOOD THING. “
President Trump’s comments came at a time when the United States Congress was looking to investigate the Libra Facebook project. Subsequent hearings in Congress highlighted the fact that US lawmakers were beginning to understand some of the nuances of the evolving industry.
Bitcoin in the United States would not be a death sentence for the industry
While interested parties ask for regulatory clarity in the US. In the US, government officials such as Treasury Secretary Steve Mnuchin are skeptical about cryptocurrencies. Secretary Mnuchin even compared bitcoin with Swiss bank accounts.
For CZ, the ban on cryptos in the US UU. It would not be the death sentence for the industry. According to Zhao, cryptocurrencies can survive even if certain countries enact total bans.
Outside the United States, reports emerged on Monday (July 22, 2019), of a possible ban on cryptocurrencies in India. The committee established by the government to examine the regulations recommended a complete ban on cryptocurrencies, as well as financial penalties for trapped people who participate in virtual currency transactions.
By sending a tweet earlier this month, CZ ridiculed the Indian government for its negative position on cryptocurrencies. According to the Binance chief, such policies only serve to make cryptos more valuable and the market less easy to reduce.
US restrictive laws that cause disturbances
While there is no ban on cryptocurrencies in the US. UU., The restrictive laws in the country are forcing exchanges to make adjustments in their operations. In addition to geofencing certain cryptographic tokens from US clients. In the US, the platforms are now moving their operations outside the country.
On Monday, Poloniex, owned by Circle, announced that it was moving most of its exchange operations to Bermuda. The measure occurs when Bitfinex is targeted by the New York Attorney General (NYAG) for allegedly serving US clients. UU.