The CEO of Binance, Changpeng Zhao met with the parliamentary member representing Camera, Francesco B over the weekend. A Twitter post by the Binance co-founder, CZ says as much. In the course of the meeting, the MP said that by the end of the year, it is estimated that one billion people will hold cryptocurrencies, mostly in developing countries.
In a link posted by the executive, he thanked the MP for the summary of the meeting posted on his LinkedIn feed.
The summary reveals that CZ met the MP with some members of the Binance executive, such as Helen Hai, Gianluigi Guida, Martin Bruncko, Lorenzo Capone and Min Lin.
Employing The Right Policy Towards Innovation
According to the update from the MP, government policy should not override innovation. He said that it is a better idea to understand innovation instead of turning away from them. He highlighted that Binance has the capacity of traditional banks, considering that it employs more than 5000 people.
Regarding the right approach to cryptocurrencies, Francesco B. said:
“we have a moral duty to understand it, assess its impact on society and facilitate its integration into the legal order. “
According to the MP, Binance has a clear vision regarding its direction in the next 20 years. This includes becoming the epicenter of the distributed internet known as Web 3.0. He differentiated between web 2.0 and web 3.0, highlighting that unlike web2.0 where user’s data is mined, that web 3.0 is decentralized and more transparent.
Was an honor chatting with MP Francesco B and others in Italy 🇮🇹 last week. Many thanks for the written summary!
— CZ 🔶 Binance (@cz_binance) May 16, 2022
The MP added that:
“This transition implies entirely rethinking every digital human-machine interaction, understanding what the business model behind it is, making the monetization system more transparent, direct and fair. “
Only Limitation To Binance Growth
He revealed that the Binance executive said that the main challenge to the expansion of the company is the short supply of talents. Binance, according to him is in need of young talents. The company is also actively investing in startups to enable them transition to web 3.0.
“Binance buys minority stakes in start-ups to foster their growth, helping the transition to Web3.0. In France they invested 100mln, hopefully they’ll do the same in Italy. “
Cryptocurrency, The Trend of The Future
The parliamentary member acknowledged that too much regulation stifles innovation. He said that cryptocurrencies clearly seems to have encroached into traditional governmental function of minting money. He however said that there are indications that the technology is the trend of the future.
He added that there will be high adoption of cryptocurrencies in developing and emerging economies such as Nigeria.
” It is estimated that by year’s end 1 billion people will already hold crypto, often in nations with growing demographics (eg 30% of Nigerians).”
The parliamentarian urged his colleagues to take a closer look at the prospects of cryptocurrencies and take action that will benefit the country.