Cryptocurrency Exchange Binance CEO Changpeng Zhao, known in the community as CZ, interviewed UOL’s blog Tilt and talked about the Chinese CBDC, which is already being tested.
According to CZ China’s initiative for a national digital currency is “inevitable” and renders the country’s currency a rival to the US dollar in world trade:
“I believe that this movement initiated by China is inevitable due to the security and economics of digital currencies. In the specific case of China, the use of blockchain is linked to the strong international trade of the Chinese economy, the digital renminbi, an alternative international financial transaction for buying and selling Chinese goods overseas are created outside of the dollar standard. In practice, this reduces the strength of the United States in the global financial market. “
The portal also asked him if Binance’s origins in China “might not affect the company’s global expansion,” citing US political pressure on the Asian giant’s tech companies:
“Well, if you look at me, you see a Chinese man. But I’m a Canadian citizen, our community of investors and buyers is international, and Binance definitely doesn’t operate out of China. So I don’t think that fact affects us at all.”
He also finished saying that “Cryptocurrencies give people more power and freedom. When you want to buy a good from someone who is in another country, you want to trade with someone on the other side of the world. Why does it have to be so expensive in terms of financial fees and so bureaucratic in terms of processes? In the case of cryptocurrencies, two parties understand each other, agree on values and conclude deals. There is greater productivity, efficiency and wealth creation for societies“he concludes.