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Changpeng Zhao: Russia needs a favorable environment for cryptocurrencies

The Russian authorities should create a favorable regulatory environment to attract new players to the market, said the head of Binance.

In Russia, conditions must be created for additional opportunities in the cryptocurrency industry and a “favorable market environment”. This opinion was expressed in an interview with RIA Novosti by the head of the Binance crypto exchange Changpeng Zhao.

Despite the enormous potential of the Russian market, Zhao said the country has yet to formulate its own regulation.

“I think we will see more clarity in the rules in the next 12 months,” he said.

At the same time, Zhao stressed that the knowledge of large crypto companies plays an important role in the implementation of the regulatory framework.

Lack of rules

Cryptocurrencies are not regulated at the legislative level in Russia. It is now known that with the entry into force of the new law, the use of cryptocurrencies as a payment is banned, but trading or investing in such assets is still allowed. The lack of clear rules in the local market prevented Binance from opening a physical branch in the country.

“Let’s see what will happen with regulation in Russia. Everything will depend on this, ”he stressed.

When asked whether Binance plans to open its own mining pool in the Far East, Zhao did not directly answer, citing the need for an audit and risk assessment. However, he noted Binance’s interest in cooperation with mining organizations in Russia and the CIS.

Cleaning up the local market

Recall that the exchange-traded bitcoin pool Binance Pool took the second place in terms of mined blocks, ahead of, Poolin and Huobi.pool. Binance CEO Changpeng Zhao believes that as the price of bitcoin rises, more money will be invested in the mining industry.

At the same time, the head of Binance believes that the world is still in the midst of economic turmoil from the coronavirus pandemic and financial market volatility. However, such turbulence is unlikely to affect the development of the cryptocurrency market:

“… I am confident that the cryptoindustry will continue to grow, and we will have an equally interesting year and positive changes.”

In mid-December 2020, Roskomnadzor added the Binance website to the list of prohibited ones due to the availability of information about the possibility of buying and selling bitcoins. The exchange stressed that they had not previously received notifications from law enforcement and civil government services, as well as from the judiciary about the presence of any claims or court decisions.

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