- Changpeng Zhao shared his views on crypto during the B20 Summit Indonesia, held in Bali.
- He explained the basic ideas of crypto and Binance, addressing it as a big topic.
- CZ also talked about the risk of capital flight, the idea of crypto tax, and the better future of crypto.
Changpeng Zhao, the CEO of Binance, addressed his crypto community in a fireside chat on crypto, hosted by Aldi Haryopratomo, the Vice Chair of the Indonesian Fintech Association, during the B20 Summit Indonesia 2022, held in Bali.
Initially, while talking about crypto and Binance, CZ addressed it as a “big topic” and explained that amidst the development of different forms of technologies, crypto is yet another form of financial technology, “a better form of fintech industry” that would serve as a pillar for every other sector.
Notably, CZ talked about his company stating that “Binance is one of the larger players in the industry.” He added that though many people acknowledge Binance as a cryptocurrency exchange, the company is much more than just a crypto exchange; it has “multiple decentralized wallets, the market cap website”, charity activities, investments in the local economy, and much more.
Significantly, when Aldi asked about his concerns on the risk of capital flight, CZ commented that “if money couldn’t go out, money will not come in”. He corroborated his ideas by stating that the countries like Indonesia which have a poor VC ecosystem could easily invest using the new technology to raise money as it is the “most direct form of foreign direct investment”.
Furthermore, CZ opined that it is not appreciable to collect taxes from user transactions, but from industry transactions.
In addition, he commented, as today, crypto is “pretty hard to use”, D5 and crypto cannot replace traditional finance as a whole in short-term. However, he talked about the possibility of the replacement in the future based on the growth level which is much faster than the fiat system.
Finally, CZ discussed his notions of the need for regulations and regulators in the crypto ecosystem, stating that it is not just the responsibility of the regulators to protect consumers and secure funding, but the industry collectively has the responsibility.
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