In a video interview recently uploaded to YouTube by a channel News Najet With Mr. “Changpeng Zhao” aka “CZ”, CEO of crypto exchange Binance, during which he expressed his views on the current situation in China.

Where “CZ” talked about planting fear and uncertainty “FUD” recently and unjustified in Chinese circles through the main media there.

The forty-minute interview also covered a wide range of topics, but the topics of real interest are the current situation in China with regard to the crypto industry.

The announcer opened the dialogue with an overview of China’s position on the world stage in terms of economy and technology.

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Changpeng Zhao, who was born in the Chinese city of Jiangsu, replied that there are some huge technology and Internet companies in China that are very successful.

Speaking about the situation in China, he added:

The Republic of China aims to control the currency but also wants full control and there are already restrictive capital controls in the country.

He added:

That the state is very adept at filtering web content and that the firewall is generally accepted as a way of life.

Perhaps they will try a similar approach to the blockchain.

When asked about the latest news regarding a police raid on a Binance office in China, he replied with the following:

Binance has no legal entities in China.

We don’t have an office, although we have made some investments there…

The office that makes headlines is used by an external customer service bureau, not the Binance bureau.

Nor was there any police raid that was irresponsible bad press.

From what he was told regarding China’s vision towards cryptocurrencies and towards blockchain technology, he told the following:

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China wants to promote technology and they want people to understand it the same way they understand the Internet.

In this way the state can control it in the same way and regulate the development of technology in the same way that they manage the Internet.

Is Bitcoin legal in China?

The announcer asked about the story “China bans bitcoin every year” and asked if anything had really changed.

CZ replies that anyone who knows China will realize that nothing has really changed and that politicians have been trying to undo previous statements that caused a small spike in the crypto markets.

Today it is completely legal to own Bitcoin in China… Bitcoin is not prohibited but there are restrictions on exchanges and issuance of ICOs in China.

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When asked about the launch of the digital currency RMB.

He replied that it would make sense for the government to keep this currency as the only digital currency to be used in the region.

He added that it is likely that the new currency will be restricted for use only in online payments and not a currency like Bitcoin, which can be used for anything.

Also, there is not enough information yet to indicate whether the digital yuan will be fully authorized and controlled or flexible in its use.

There were a lot of other general aspects of the crypto industry but the modernization of China was very interesting.

Nothing new to add then really, China still hates decentralized currencies and still wants its currency to be tightly controlled.

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