PanamaTimes

Friday, Mar 29, 2024

Central Bank Digital Currencies to Complement Crypto - Binance CEO

Central Bank Digital Currencies to Complement Crypto - Binance CEO

Central-bank-backed digital currencies will complement rather than compete with or replace cryptocurrencies, Binance CEO Changpeng Zhao predicted in an interview.

"Even though central bank digital currencies may come out, fundamentally they are very different from native cryptocurrencies. I don't think they will replace Bitcoin," Zhao said.

Several countries have been considering issuing their own digital tokens, a virtual form of a their fiat currencies, after the crypto market took off.

The founder of the world's largest crypto exchange said that state-backed tokens would provide novice users with security and confidence of a centralized currency, while educating them about digital coins.

"It is a very strong validation of the blockchain technology that central banks are using it. It also serves as a very strong educational portal, now that governments are educating the users about crypto," he explained.

Zhao added that central bank digital currencies could potentially serve as a medium of exchange, providing another option for exchanges to integrate.
The number of investors wishing to put their money into cryptocurrencies rose five times within a year, Changpeng Zhao said.

"I think there is probably a five-X jump in the number of institutions from this year versus last one, from now versus the beginning of this year. This year, we've seen tremendous growth," he said in an interview.

Zhao, who founded the world's largest digital coin exchange Binance four years ago, said the growing popularity of cryptocurrencies was best reflected by Bitcoin. Its price rose to an all-time high of over $68,000 during a buying spree in November.

It is further evidenced from the price of Bitcoin, which I believe is a very accurate indicator of the overall market," Zhao said.

He said there were different kinds of investors joining the crypto market — from family offices that are more interested in wealth preservation to hedge funds that are trading very actively to make money to market makers and equity and crypto project investors.

Comments

Nex 2 year ago
Oh ya, crypto currencies offer a lot of value, for example cheap and fast value transfer with smart contract capability. Some ppl just don’t understand it (yet)
Oh ya 2 year ago
Crypto is just a gamble on the stock market like anything else on it. It has no value in its own unless you can find a bigger sucker to pay more for it than you did. It produces nothing and has nothing backing it. The value jumps up and down so much it will never be concerned a real form of currency and if you thing the Jews that own the Federal Reserve is going to let the likes of Bitcoin cut into their profits you do not understand the mindset of the moneychangers

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×