CZ argues that cryptocurrencies are essential for dynamic economic growth

The cryptocurrency industry is essential for traditional economies to achieve healthy growth. Binance CEO Changpeng Zhao stated at an RBC conference.

According to him, without the new technologies embodied by cryptocurrencies, financial institutions lose momentum.

“Using blockchain to attract funds is much easier than other financial opportunities. Any entrepreneur who ignores this technology will find themselves in a losing position and will not be able to compete in the market,” Zhao said, adding that cryptocurrencies are “the future of money.”

The Binance CEO acknowledged that the industry is still in its early stages and that fraudsters and hackers are present. Nonetheless, exchanges are doing substantial work to protect their users from cyber threats.

“Last week there was a series of attacks on Binance clients. As part of blockchain monitoring, we froze this activity,” he said.

ForkLog sought comment from the exchange’s representatives but did not obtain further particulars about the incident.

Zhao added that Binance is prepared to help regulators in drafting national regulatory acts for the cryptocurrency market.

Experts warn that if Bank of Russia’s restrictive initiative regarding cryptocurrencies and mining is implemented, the country could face an outflow of specialists and investment. At the same time, Binance said it was ready to engage in dialogue with the regulator to discuss the theses of the consultative report.

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