Binance- the investment platform is glad to crypto as multiple listed firms is missing out in India
Binance is thankful for crypto curbs as India is missing out on multiple $50-100B listed firms. The remark came amid ICICI Bank and other main banks cutting off banking, along with the payment gateway services to crypto platforms in India.
In a talk with ET’s Apoorva Mittal, Changpeng Zhao says that the absence of understanding among Indian regulators and irregularity. They are possibly taking away multiple multi-billion-dollar companies from India. The expert has tweeted on 07’May’21 for opening the investment platform.
What does it mean when banks and payment gateways in India are blocking access for crypto exchanges?
It's just not an easy task to do. It may derive from fear or absence of understanding of cryptocurrencies. Certain countries are aggressive for innovation in the industry and others are resisting. The investing institutions who are battling it may defend some of their legacy institutions for a short period. But they'll get ruined in the long term since of the technological creation in industries like decentralized business. Still, they are trying to make it easy for investors.
What are the implications to come along with the innovations for making it client-friendly?
No matter what the motive is if you cut off contact with new technology. You pointlessly slow down the expansion of that technology in that region. For example, probably more than 50% of the innovation in decentralised finance is approaching from the US right now as they have very positive and strong regulations for cryptocurrencies.
How are the regulatory discrepancies in India impacting the ecosystem?
People don’t know what they don’t have. India is probably missing out on multiple $50-100 billion listed companies as of the restrictive environment. In the US, over the following five to 10 years, the CEO said that “we're probably gonna see at least a dozen companies appreciated at $100 billion-plus” (crypto exchange Coinbase was priced at $100 billion on its debut on Nasdaq).
CBW - External Analyst