Post by account_disabled on Mar 6, 2024 22:28:48 GMT -5
Every day from March 22 to April 4, we organize different activities, rewards and community initiatives as part of our calendar dedicated to Ramadan.
One of those events was a special Binance live Q&A session with Changpeng Zhao (CZ), the CEO of Binance, during which he answered as many questions as he could from the community, focusing especially on the Middle East region and the north of Africa.
CZ believes this region is one of the best places in the world to do business. "I find the people here to be very humble, reasonable and kind and have a very business-like attitude."
There are too many people focused on prices. As soon as these move, suddenly there is nothing else to talk about. The sector should focus on creating utility, that is, basically products that people use.
The pace of blockchain and cryptocurrency adoption is accelerating. Therefore, everything we manage to create will be what determines the future.
This article provides you with a summary of the answers CZ gave in the Binance live Q&A session on March 22, 2023. We have edited this transcript for brevity and clarity.
Middle East and North Africa
You come to visit the Middle East region Ecuador Mobile Number List quite a bit. What part of this region's predominantly Muslim culture do you find most inspiring?
CZ: Well, I'm not just visiting. I now reside here, this is my base of operations. I come, leave the dirty clothes, grab new clothes and leave. It seems to me that people often have the wrong idea about Muslim regions or the Middle East. The Western media paints them with a level of skepticism or a narrative that is very unfair, in my opinion, a bit like the way they treat cryptocurrencies. I find the people here to be very humble, reasonable and kind and have a very business-like attitude. So for me it is one of the best places in the world to do business.
Education and solidarity causes
How important is it to Binance to contribute to society through Binance Charity and Web3 education?
CZ: First of all, I think education is very important. It is the best way to increase adoption. People learn, reach out, and educate themselves about the risks, rewards, and what the technology can do, and that's the best way to get proper adoption. Furthermore, education is the best act of solidarity. When you teach someone to fish, you will be helping them throughout their life instead of just giving them money occasionally. However, education is long term. However, sometimes we have to redouble our solidarity efforts, such as when an earthquake or war occurs, where we must use funds very quickly, since people need immediate help.
Web3 Adoption
What do you think is the best way for the industry to help drive Web3 adoption?
CZ: I think the first thing of all would be to focus on utility and not prices. There are too many people focused on prices. As soon as these move, suddenly there is nothing else to talk about. But, unless you are a short-term trader, prices shouldn't worry you too much. As a sector, we should focus on creating utility, that is, basically products that people use.
I also believe that we have to collaborate closely with regulatory entities. In our sector, the opinion predominates that we have to distance ourselves from governments, from regulatory bodies, but that is not the best strategy. We have to progressively innovate and create strategies and we must ensure that regulatory entities feel comfortable with what we do.
The Middle East and North Africa region and blockchain
Countries in the Middle East and North Africa region seem to have a particularly innovative mindset when it comes to blockchain and new financial technologies. What opinion do you have about it?
CZ: The Middle East and North Africa region in general has a very entrepreneurial attitude. Their leaders are always thinking about the future, because they understand that they cannot depend on oil forever and that they need to develop new sectors. In addition, we are witnessing how they view the new blockchain technology and new cryptocurrency startups favorably. If I remember correctly, the first time I went to Dubai there were about six cryptocurrency companies, but today there are probably more than 700. Also, I see that many other cities in the region are growing by leaps and bounds. So, yes, I think this is one of the best places for the sector.