The CEO of Binance, Changpeng Zhao (CZ), said that the launch of central bank digital currency (CDBC) could “threaten” Bitcoin. Zhao aired his view on CDBCs to Jeff Roberts, a senior writer at Fortune.
In a video interview, the writer asked Zhao about the CBDCs threatening Bitcoin. The CEO replied:
“If there is a government pushing another cryptocurrency that’s even more open, more free, has less restrictions than Bitcoin, and is faster and cheaper to use, then that would threaten Bitcoin. But that is good for the industry, it’s just something better than Bitcoin, and would replace it.”
According to a Cointelegraph report, CZ also said that CBDCs replacing Bitcoin would be similar to HTML5 taking over HTML4.
During the interview, Roberts also asked Zhao for his opinion on the effect of China’s digital yuan on the cryptocurrency market. In response, Zhao said more blockchains and digital currencies would be a development to the industry. He also added that the addition of more digital currencies would facilitate broader acceptance of digital assets in society.
Furthermore, CZ mentioned the ongoing race between countries to launch their CBDCs. He noted that CBDCs may be restricted at the early stage but will become widely acceptable over time.
In addition, Zhao said that Binance currently does not plan to launch a yuan-based stablecoin to complement the stablecoins currently listed on the exchange platform.
Image Credits: Pixabay
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