ATHENS, Nov 25 (Reuters) – Binance Chief Government Officer Changpeng Zhao mentioned on Friday regulation relatively than opposition of the crypto sector is a greater choice for world governments as digital currencies turn into extra mainstream.
Regulation of crypto currencies has come into sharp focus following the collapse of a number of platforms, culminating within the crash of the FTX forex trade earlier this month.
“I believe most governments now perceive that adoption will occur regardless. It is higher to manage the trade as an alternative of making an attempt to battle towards it,” Zhao mentioned, talking at a Binance occasion in Athens.
The opaque world of crypto got here into the highlight when FTX, a crypto trade, filed for chapter safety in the US on Nov. 11 after merchants pulled $6 billion from the platform in three days.
The collapse has left an estimated 1 million collectors dealing with losses totalling billions of {dollars}.
Nonetheless, Zhao mentioned he anticipated the trade to get well. “(This 12 months) was a really nasty 12 months, the final two months an excessive amount of has occurred. I believe now we see the trade is more healthy… simply because FTX occurred it doesn’t imply that each different enterprise is unhealthy,” he mentioned.
Requested whether or not he noticed international locations including crypto currencies equivalent to Bitcoin to their reserves sooner or later, Zhao mentioned he anticipated international locations to start out, notably these which didn’t have their very own forex.
“The smaller international locations will begin first, I believe,” he mentioned.
Reporting by Renee Maltezou, writing by Michele Kambas; enhancing by Anna Driver
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