{"id":14853,"date":"2022-11-26T23:46:53","date_gmt":"2022-11-26T23:46:53","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/most-governments-understand-crypto-adoption-will-happen-regardless-regulation-bitcoin-news\/"},"modified":"2022-11-26T23:46:53","modified_gmt":"2022-11-26T23:46:53","slug":"most-governments-understand-crypto-adoption-will-happen-regardless-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/most-governments-understand-crypto-adoption-will-happen-regardless-regulation-bitcoin-news\/","title":{"rendered":"Most Governments Understand Crypto Adoption Will Happen Regardless \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Binance CEO Changpeng Zhao (CZ) says that most governments know that crypto adoption will happen regardless of what they do. \u201cIt\u2019s better to regulate the industry instead of trying to fight against it,\u201d the Binance executive emphasized.
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Binance\u2019s CEO on Crypto Regulation After FTX Collapse<\/h2>\n

The CEO of Binance, Changpeng Zhao (CZ), talked about cryptocurrency regulation following the collapse of crypto exchange FTX Friday at a Binance event in Athens, Greece.<\/p>\n

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I think most governments now understand that adoption will happen regardless. It\u2019s better to regulate the industry instead of trying to fight against it.<\/p>\n<\/blockquote>\n

FTX, a major cryptocurrency trading platform, collapsed and filed for bankruptcy on Nov. 11. An estimated 1 million creditors are facing losses totaling billions of dollars.<\/p>\n

Zhao has compared the FTX meltdown to the 2008 financial crisis. He also warned of cascading effects<\/a>. Nonetheless, he said he expects the crypto industry to recover.<\/p>\n

CZ said that this year \u201cwas a very nasty year,\u201d elaborating:<\/p>\n

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The last two months too much has happened. I think now we see the industry is healthier \u2026 just because FTX happened it does not mean that every other business is bad.<\/p>\n<\/blockquote>\n

To restore confidence<\/a> in the crypto industry, Binance has committed two billion dollars to a crypto industry recovery fund. The exchange provided<\/a> details of the initiative this week.<\/p>\n

Responding to a question about how he sees countries adding cryptocurrencies, such as bitcoin, to their reserves in the future, Zhao said he expects countries without their own currency to lead the trend. He opined, \u201cThe smaller countries will start first, I think.\u201d<\/p>\n

In September last year, El Salvador became the first country to make bitcoin legal tender alongside the U.S. dollar. Since then, the country has bought thousands of BTC<\/a> for its Treasury. El Salvador is now buying<\/a> one bitcoin daily, Salvadoran president Nayib Bukele announced last week.<\/p>\n

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Binance<\/a>, Binance bitcoin reserves<\/a>, Binance bitcoin treasury<\/a>, Binance CEO<\/a>, binance crypto regulation<\/a>, Binance cryptocurrency regulation<\/a>, Binance El Salvador<\/a>, Binance FTX<\/a>, Changpeng Zhao<\/a>, CZ<\/a>, government crypto<\/a>, government crypto regulation<\/a><\/div>\n<\/div>\n

What do you think about the comments by Binance\u2019s CEO? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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