Crypto’s richest billionaire says banks should be more involved in the digital asset industry
The CEO of the world’s largest crypto exchange platform advocates that banks should play a greater role in the development of digital assets.
Binance CEO Changpeng Zhao sier Banks have an important function in the cryptoecosystem despite the rivalry that has raged between the two financial sectors for over a decade.
“Banks vs. Crypto have been crashing since Satoshi published Bitcoin Whitepaper in 2008. The reality is that banks are playing a critical role in the crypto ecosystem. We need them to continue to adopt, and that’s why we support their growing commitment to crypto development. . ”
Zhao sier The decision of the Basel Committee on Banking Supervision (BCBS) to seek opinions on the extent to which banks may have exposure to cryptocurrencies is positive for the digital asset industry. BCBS’s primary function is to set standards for the regulation of banks worldwide.
“The Basel Committee on Banking Supervision issued a public consultation on the prudent treatment of exposures to cryptocurrencies, with detailed requirements to allow banks to keep a limited stock of crypto on the balance sheet.
Based on the requirements, only a small number of cryptocurrencies are likely to qualify. In any case, legitimizing the banks’ holdings of cryptocurrencies is a step in the right direction. This is progress. ”
When it comes to crypto-regulation, the billionaire says that “a sensible and consistent regulatory framework” can stimulate growth in the industry.
“At Binance, we welcome regulations that are globally consistent, enable responsible innovation, protect users and give them choices. As an industry, we can build trust through sensible and consistent regulatory frameworks, which will expand this space in the long run. “
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Featured image: Shutterstock / klyaksun
