Binance Exchange CEO Zhang Ping Zhao expressed his views on central bank digital currencies adding that Bitcoin could be threatened if a more advanced currency is launched. / p>
Zaw believes that a well-designed enough central bank digital currency could become a threat to Bitcoin.
In a video interview with Geoff Roberts, senior writer at Fortune magazine, he was asked how the People's Bank of China digital yuan initiative has affected the cryptocurrency industry.
Zaw responded that any blockchain or digital currency would be beneficial to the industry in general as it legitimizes digital assets and raises awareness.
and added that while there is currently a race among the major countries to launch one, most central bank digital currencies are likely to be more restrictive at first but will evolve over time.
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When asked directly about the threat to Bitcoin, Zaw replied that very few digital currencies would have the same freedom as Bitcoin and would be very centralized and subject to To control.
However, caution that in the long term if a government pays another cryptocurrency that is more open, more free, has fewer restrictions than Bitcoin, it is faster and cheaper to use. , That would threaten Bitcoin. But that's good for the industry, it's just something better than Bitcoin, and it will replace it.
Zaw added that it wouldn't be a bad thing because it would be similar to HTML5 web language that replaces HTML4.
When asked whether Binance has any intention to launch a stable currency on the yuan basis to complement the current stablecoins on the exchange, Zhao stated that it will not come anytime soon. He added that there are too many restrictions on capital exit from China.
