US Crypto Ban Will Not Break The Industry: Binance CEO

US Crypto ban will not crush the crypto industry since there was a lot of speculation these days as to whether President Donald Trump will impose a ban on crypto as we read in the altcoin news before.

The Binance CEO Changpeng Zhao recently spoke to CNBC and he said that the critical comments that the president made on Bitcoin and Facebook can only be good for the crypto industry. So far, Trump has said that he is not a fan of cryptocurrencies which is not something that could dramatically affect the prices or the sentiment on the market. He tweeted about bitcoin and the price of the number one cryptocurrency didn’t even flinch but the sole fact that the president is talking about crypto is a good thing. Trump’s comments were mainly defensive of the sovereign currency which is the dollar which is expected from a US president.

Trump continued to talk about Facebook and the crypto ambitions that the company has. It is clear that his stance is shared by many politicians around the globe. The congress that took two days about Libra ended up bashing the project for its inability to prove that it can handle global finance safety without making huge profits from it as it does with personal data.

The mainstream media didn’t really get the idea. They immediately thought that Trump will outright ban cryptocurrencies but as Zhao noted, the worst-case scenario will not be good but it will not put an end to the industry. Cryptocurrency will still survive in many countries around the world since there are many that are crypto-friendly. Usually, when a country decides to ban crypto, the citizens demand more and move to other places or go to the black market.

The US crypto ban could not destroy the market since we already have an example which is China. China made a clampdown on crypto and bitcoin trading but there is still a lot of activity in the country. The Chinese traders are the powerhouse in the global crypto transactions system and mining is still very profitable. The regulators usually cite the use of bitcoin for nefarious purposes such as money laundering but CZ added that Binance has always been transparent during and after the attack as noted in some of the best cryptocurrency news sites.