The founder of the largest crypto exchange in the world, Binance, believes that blockchain technologies are ill-suited for illegal activities.
Changpeng Zhao, in an interview with AFP, said that the opinion of crypto-pessimists that blockchain technology facilitates criminal activity is a “complete myth” and cannot be a reason to refuse to accept cryptocurrency innovation. The businessman explained to reporters that the functions of the registry and the immutability of the blockchain are features that make criminal activity using such technologies unattractive:
“We cooperate with law enforcement agencies around the world and we know that with access to big data, law enforcement agencies can actually find out with a fairly high degree of certainty who owns which address. Because of this, most criminals will not use blockchain for criminal activities. It’s just a very bad tool.”
Therefore, Zhao believes, the real reason for regulatory skepticism is based on the fact that they do not fully understand their role and place in the emerging crypto industry:
“Regulators do not understand what and how to regulate. So everyone needs to wait until the industry develops a bit and then deal with the rules.”
The birth of blockchain technology has created difficulties for officials, Zhao said, and it could be decades before adequate market rules and requirements are in place.
Earlier, the CEO of the Binance exchange said that if the industry is waiting for a crypto winter, then the company will use it to strengthen its position in the market and expand its staff.
Source: Bits
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