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Binance CEO: WeChat crypto ban will drive crypto adoption in China

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Binance CEO: WeChat crypto ban will drive crypto adoption in China

Last week, WeChat announced that it would no longer support crypto payments on its platform, enhancing further China’s crypto ban. Since WeChat is the largest social media platform in China, the announced meant that those using the platform for such activities would have to embrace for tough times ahead.

While the Binance CEO, Changpeng Zhao (CZ) partially agreed to the interpretation, he was positive that the long term effects are far better than the short term effects.

While responding to a tweet complaining about the ban, CZ said:

“This is a classic example of short term pain, long term gain. It is inconvenient for people short term, and they take a hit. But long term, it is precisely this type of restriction of freedom that will push people to use crypto. Not a bad thing.”

The CEO also pointed out that it is likely WeChat’s move to ban crypto payments was “externally” motivated. Although he said that “more and more restrictions are forced upon them (probably not their own choice),” CZ noted it “would be hard to beat WeChat Pay.”

With more WeChat users frustrated with the move, CZ prophesied a happy ending noting that negative news are just positive news in disguise. “New (often better) opportunities always emerge during times of change,” he added.

China’s harsh stand on cryptocurrency is seen as a possible force behind the WeChat ban. However, China may be open to a cryptocurrency although the country’s central bank, the People’s Bank of China (PBoC), will have a say.

Donald Tapscott, executive chairman, Blockchain Research Institute, told Bloomberg that there was no need for restricting crypto mining or exchange business in the country because:

“In 20 years we are not going to be using Bitcoin in China. Chinese people will use the RMB [renminbi, the official currency of the People’s Republic of China] , only the RMB will become a cryptocurrency, The central bank of China will turn it into a digital currency.”

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