Chinese Tech Giants Believe Crypto Regulation Is Major Concern

Chinese tech giants say that the blockchain technology is mature but the regulation is among the biggest concerns. We are reading more about the possibilities and regulation in the latest cryptocurrency news below.

The CEO of Binance Chanpeng Zhao used the opportunity to expand with the government’s help and let’s see exactly how. Zhao believes that governments should encourage the Chinese tech giants to build crypto tokens and this is one of the key factors that the blockchain should embrace. By dealing with the regulatory uncertainty in the countries around the world, companies worldwide have gone to other countries with more friendly jurisdiction such as Estonia and Malta. Countries around the world have a long way before establishing a complete regulation for the blockchain industry which is scaring the business away.

The businesses around the world are demanding to know what the regulations are going to be rather than to work in a grey area that could lead to them losing money. Chinese exchanges, for example, have shut down because of the harsh climate and terrible regulation. In China, it is legal to own cryptocurrency but it is not legal to trade after the regulation that was brought up. Binance, for example, was one of the exchanges that went to Malta.

Some countries as noted in the coming altcoin news are much less friendly to other Western ideas. For example, Iran’s establishment and the launch of their own cryptocurrency could boost the usage of blockchain technology for the central banks in the Middle East. Dubai, on the other hand, is quickly becoming a friendly blockchain hub. Most governments such as France have worked very hard to establish a crypto-friendly regulation. Billions are yet to be made with the help of blockchain and smart government leaders want to make that come true as soon as possible.

As a response to Zhao’s tweets, many people around the world spoke about the centralized nature of the tokens he was calling the government to create. Zhao created the BNB token and went on to become its own blockchain. This is one of the most successful crypto token launches in the past several years. For the biggest part, the government cheerleading could turn out to be helpful but it might come with more costs than worth. It could be preferable for blockchain enthusiasts if the governments take a hands-to blockchain or create enforceable regulatory policies.