Changpeng Zhao, chief executive of Binance, Gabriel Abed, Barbados' Ambassador to the UAE, during the AI Everything summit at Gitex Global in Dubai on Monday. Leslie Pableo/The National
Changpeng Zhao, chief executive of Binance, Gabriel Abed, Barbados' Ambassador to the UAE, during the AI Everything summit at Gitex Global in Dubai on Monday. Leslie Pableo/The National
Changpeng Zhao, chief executive of Binance, Gabriel Abed, Barbados' Ambassador to the UAE, during the AI Everything summit at Gitex Global in Dubai on Monday. Leslie Pableo/The National
Changpeng Zhao, chief executive of Binance, Gabriel Abed, Barbados' Ambassador to the UAE, during the AI Everything summit at Gitex Global in Dubai on Monday. Leslie Pableo/The National

Cryptocurrency regulatory frameworks could take decades to implement, Binance chief says


Alvin R Cabral
  • English
  • Arabic

The implementation of full-fledged regulatory frameworks for cryptocurrencies could take decades to realise, but the rapid pace of adoption could prompt governments to accelerate the process, according to the chief executive of the world's largest cryptocurrency exchange, Binance.

Countries that will adopt cryptocurrencies at the soonest would be able to tap into its advantage and understanding their benefits would allow nations to future-proof their financial structures.

"Regulations cannot be changed overnight, but most regulators are taking the first step, and the channels of communications are really important," Changpeng Zhao said at a conference held during Gitex Global in Dubai on Monday.

Interest in cryptocurrencies has mushroomed in the past few months, with the market cap of Bitcoin – the world's largest cryptocurrency – exceeding $1 trillion. Bitcoin early on Monday was flirting near $63,000 and is a stone's throw from its all-time high of $64,895 as users flock to it.

But cryptocurrencies have come under sharp criticism from economists and regulators. "Dr Doom" economist Nouriel Roubini questioned crytpocurrency's security, terming them as a "misnomer" and are "not a basis for payment system". Meanwhile, the International Monetary Fund urged regulators last week to enact global standards to keep the risks in check.

Central banks around the world have been reluctant to endorse cryptocurrencies because of their speculative nature and regulatory oversight but many are dabbling with the concept of central bank digital currencies. These are digital versions of their fiat currencies and an alternative to cryptocurrencies.

China piloted its digital yuan programme and the European Central Bank's digital euro project is currently under development.

Advocates of digital currencies have long touted the secure nature of these assets, which are built on blockchain, a type of database that makes it difficult or impossible to hack and on which Bitcoin was built.

Mr Zhao warned that a lack of awareness regarding the advantages of digital assets would create a chain reaction that would consequently be a setback for progress. This is particularly applicable now that more users are adopting digital means of payments as a more convenient and secure alternative compared with traditional hard currency.

"It is a lack of understanding that stokes fear, and that's not the right approach," he said. "Any innovation that can disrupt, we should invest in that."

Last week, Binance Smart Chain, a unit of the company, launched a $1 billion fund to help fast-track the adoption of digital assets and blockchain technology.

Its move comes as regulators around the world crack down on crypto exchanges to safeguard their financial systems and better protect consumers.

Earlier this year, Binance said it is winding down its futures and derivatives products offerings across Europe. It also said its users in Germany, Italy and the Netherlands would not be able to open new futures or derivatives products accounts.

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Look north

BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet

The Transfiguration

Director: Michael O’Shea

Starring: Eric Ruffin, Chloe Levine

Three stars

SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Company%C2%A0profile
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Updated: October 18, 2021, 1:44 PM`