- Binance CEO believes blockchain’s success will eliminate the need for the term “blockchain” itself.
- Zhao envisions a future where blockchain technology replaces transactional aspects like fundraising and payment.
- Binance has received licenses and plans to launch operations in Thailand by Q4 2023.
World’s leading crypto exchange Binance’s CEO Changpeng Zhao recently had an interview with the Asian Leadership Conference. Binance’s official Twitter posted about the same sharing Zhao’s words stating “Blockchain will be successful enough that we don’t have to use that word anymore.”
During his conversation with Park Sunyoung, Assoc. Professor at the Economics Department, and Dean of International Affairs at Dongguk University, Zhao expressed how the Internet is not spoken of in today’s world, only the actions associated with it such as “watching a video online,”
Zhao feels that the future will be similar for blockchain and people will lose the technical jargon. For instance, he shares,
You raise money on the blockchain, you don’t talk about ICOs.
Moreover, he imagines that people in the future will connect with workers globally and pay them in the form of cryptocurrency or stablecoins. Similarly, people will own digital wallets on their phones without talking about private keys.
Zhao adds that if today a person is using digital money, digital identity, or “anything that is transactional,” they will eventually use blockchain in the future as these things will be “99.99%” replaced by blockchain technology.
However, he clarifies that while in 20 or 30 years Blockchain will potentially replace anything that is transactional, some web2 experiences like reading a book will remain as it is.
In other news, Binance recently gained approval to operate in Thailand in a joint venture with Gulf Binance. According to the announcement, the collaborative effort has been granted licenses as a digital asset operator by Thailand’s Ministry of Finance for a digital asset platform. The platform will be regulated by the country’s Securities and Exchange Commission, and the plan is to commence operations in Thailand by the fourth quarter of 2023.
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