China-Binance CEO Changpeng Zhao said in an interview that the development of encryption technology cannot be stopped.

In the interview, China's richest man, Zhao Changpeng, described the past, present and future state of crypto technology in all its aspects. He said advancements in encryption technology could not be stopped. Recognizing the importance of care and authorization, and accepting the best and highest quality care, the long-term benefit for our clients is to achieve the best results. .

Here are the details:

Agent: This guy runs the world's largest cryptocurrency exchange. So if you want to learn more about the world of crypto tokens and where they are going, now is the best time.

Zhao Changpeng: Thank you for the invitation.

Moderator: CZ, let's start with this. What does everyone here want to know and understand about crypto tokens? They may not understand.

Zhao Changfeng:I think most of the people in this room can understand crypto tokens for some reason, but that's the future. Crypto tokens are a technology, not a symbol, not a commercial product, not a separate product, but technology and technology will never stop. The growth of the Internet, like that of the Internet in the 2000s and early 1990s, will not stop. It can be installed faster or slower, but it's the future of technology that will power tokens, financial markets and more.

Moderator: So what about the crypto token exchange? What do you think is the most exciting thing right now?

Changpeng Zhao: Now, all the applications that do not exist in the financial world have always evolved to raise international funds for jobs. But no matter how you categorize it, that's what makes this app popular.

If you are an artist or a content designer you can make money with your work with nft but now it is very difficult. This process cannot be completed with fiat tokens. The relationship of this type of competitive sport has not yet started.However, not all of this can be done with traditional fiat tokens.

It is too early to say that crypto tokens will replace traditional financial instruments. We haven't seen that yet.

Guardian: But will crypto tokens change the default currency? Or will it join existing crypto currencies and tokens?

Changpeng Zhao: I think it would be nice to have traditional money available today, maybe less than 1% of the money is crypto tokens or less.

So now money is still very important. It takes time,In the short term, I don't think there is any other way. But in the long run, some things can change.So that's what we were 20 years ago. Video conferencing can transform the work itself. Despite the new scourge, our development may change slightly, but it will take years to change some things. However, e-commerce has changed many business bodies.

Agent: Faster than usual.

Zhao Changpeng: We are also 20 years old. So in the early 2000s you could buy burgers online, but there are some jokes you can't buy now.

Agent: I've been researching pies for 13 years.

Zhao Changpeng: So I think,To date, crypto applications are still in rapid development, which are not yet included in the legal code.

The use of payment tokens never really started and this is one of the very obvious first uses. Most payments, like coffee, are profitable today. So use one debit card or multiple debit cards, and not cash. Everything is mobile payment systems.

However, if you want to pay people around the world, it is not easy to use existing tokens. So I think the use of situations that don't include traditional financial services will change very quickly in the first place.

Guardian: Now that you talk about the alternative, I have to ask you these questions, what do you think about cryptocurrencies that you have never seen before, is it a big pie or a lot of coins? Exchange US Dollars with Global Reserve Tokens. is it good?

Zhao Changfeng:I'm not sure it depends on what he's doing. I think the direct exchange would not be good. I believe that the world must be created in small steps, not in large steps.

Quick changes with every major move are often not good for most people. Current participants will not be ready and the market is not yet ready. I think it would be best to take it slowly and slowly. I think the dollar program target is very good. But you can skip it first.

If so, I think slow, gradual change is better, because we have to think about the impact of community businesses.

Guardian: BA announced its Crypto Manifesto this week. These are 10 simple rules for crypto token users, which include privacy, safety precautions, security, secure access to some of the latest technology you have discussed such as nfts, loans, and income. You want to know who is in direct contact with management or the competition.

Zhao Changpeng: I think everyone needs this information. We have had many discussions with leaders around the world. Many users will never know that we are doing this. In many parts of the world, users and administrators have different levels of traditional users. And they don't really understand crypto tokens. I think we should look at all of this.

Guardian: You said the policy was bad, was it because you wanted it or couldn't protect it?

Zhao Changfeng:I think we really need rules. I am not a liberal or a complete anarchist. I don't believe that human civilization is designed to exist in a world without rules. I think our success is not yet established. So we would need rules that work if we are to survive.

We also believe that currently the global cryptocurrency adoption rate is around 5%. These 5% are early participants. Most users, the remaining 95%, would feel more secure to obtain a license for crypto token exchanges, such as local offices.

Guardian: How long do you think it would take to go from 5% to 100% now? All over the world, people are using crypto tokens for convenience and prefer cash or credit cards or more mobile payments.

Zhao Changfeng:I think it will take years to tell the 90% truth. Adoption is always slow at the start, fast in the middle, and I think this generation will have as much difficulty accepting it as our generation of parents. So I think a lot of apps today don't perform well. Therefore, these applications must be developed. So I think it will take at least 10 to 20 years.

Guardian: In the cryptocurrency world, what I call “Clarion” refers to what people call “smart management”. What is the difference between smart management and stupid management?

Zhao Changpeng: Actually, there is a very simple difference. You must be careful.

These stupid rules are only an indication of risk reduction. The best way to reduce your risk isn't just to shut everything down.

So, smart metric, the second smart metric, is a measure of industry growth. Therefore, there is a need to reduce risks while promoting industry growth and innovation. You know innovations when there are two ways to measure new developers.

So when people have this desire, they tend to promote more business ventures.

Moderator: As mentioned earlier, BA is by far the largest cryptocurrency exchange. This is several times bigger than Coinbase or Ftx which we saw in 24 hours this morning. BA packaging industry is $ 40 billion. Is it difficult?

Zhao Changpeng: It's very difficult, in fact it's not very high.

Moderator: Today is a very slow day.

Zhao Changpeng: Today is a very slow day. Over the past few days, we have traded $ 170 billion per day.

Moderator: It happened two years ago.

Zhao Changpeng: Or two years ago? I think we are fortunate to have $ 10 billion. Four years ago, I was fortunate enough to win around $ 300 million. As a result, this industry is growing rapidly.

Moderator: Very low cost compared to industry standards. Why?

Changpeng Zhao: We have already benefited from it. So you can pay a lower price.

We consider the current situation. So we are an organization.

I don't believe in maximizing profits. We also don't believe in the effectiveness of short-term membership. Therefore, we believe that we need to improve this industry to deliver the best benefits to our customers, and in the long run, we need to get the most out of our customers.

Guardian: Sometimes $ 170 billion, sometimes $ 80 billion? How Much Money Does a BA Earn?

Changpeng Zhao: It's a very difficult calculation. .....

......

Agent: I think if you use these equivalent products for the business you have created,You are one of the richest people in the world.

Zhao Changfeng:To be honest, I don't know. And I don't really care about wealth, finances, grades, etc.

In an interview with Forbes a few days ago, I said that I was very happy to be able to donate 99% of my good fortune before I died.

So I am very unhappy.

I think people often lose their minds when they pay too much for it.

All we need is to provide people with the tools to encrypt their tokens.

Agent: What is the direction of your business?

Zhao Changpeng: I think now,We need to focus on monitoring and transitioning from a technology company to a financial services company.

I think it will take months, years, years. But in the long run, I hope BA can become the platform for another platform. So we have an NFT platform to market. Has a corporate token.

We hope to be a base for other entrepreneurs and other groups, and we can build a platform for other groups, whether inside or outside BA. We can help them in several ways.

We have the biggest market in the world. You can earn money by sending tokens. Before that, our BA can help you make your first sale. Even before that, we wanted to help them design their tokens. So we can provide them with information about token trading.

We have extended the opening period by 10 years with our team because we keep people watching for a very long time.

But today in this industry it usually takes three to four years, but I think it's very short.A 10 year contract is required to provide the tokens. So we did all of this to support the growth of other industries.

Moderator: If that raises a question for me. One of the most confusing issues in the cryptocurrency industry. The value of this coin creates, the value at which it benefits the market. A recent example, only this month? By the way, for those of you who don't know, there are lots of valuables in these coins that are videos for the rich. He was smoking cigarettes, on the yacht, behind the wheel of a red sports car. Former Trump aide Steve Bannon backed the move. The coin was once valued at $ 27 billion. How do you understand the world, how is it going and how do you describe this piece? Obviously it doesn't and it gets market value. I'm not just talking about the coins. It could be Dogecoin, but Dogecoin's skepticism, Shiba Doge, was a joke at first. This is a new concept. How it works?

Zhao Changpeng: Evaluation is very important. Thus, in addition to the cost and evaluationLiquidity must also be taken into account.You can give coins, you can give coins, you can give a trillion, and you just have to sell $ 1. The current theoretical value of the market is $ 1,000 billion. But if you want to turn those trillions of dollars into cash, you need more bodies to make those trillions of dollars. I won't pay you a trillion dollars.

Guardian: So we have to use the flow to look at some of these parts.

Zhao Changpeng: We have to take care of the equipment and the amount of liquid. Lots of coins were issued, but all equipment was high and traffic was minimal. People can raise prices incorrectly, or movies and so on can help. But in the long run, the coin will be valuable. The market will understand that.This only lists coins that have sufficient resources when our BA sponsors the coins..We want to avoid this problem. If these coins are big enough, they can get a portion of the true market value.

Agent: Some of our interviews with administrators have found a new basis. What do you think of the list?

Changpeng Zhao: Only a handful of countries in the world support crypto tokens. We already have a foundation under construction. We cannot advertise today. We talk to any manager we need to communicate with first.

Then there are sites that support crypto tokens, which we believe can be developed in a short time.

I'm not saying it's the best place for our base, but if you look at the UAE, France and Singapore. This country is a very crypto support token.We now have a lot of successful, successful and established companies and they really want to share these innovations.

Guardian: When it comes to care, there is little confusion about the differences in the care industry in the US and UK. What is the relationship between the two? Or is there something else? do you have them both? Do you have a parent company?

Zhao Changpeng: There are two independent organizations. I am chairman of the board of directors of BA Company. For the sake of equality, it is simply a combination of these two organizations. They are equal in communication.

Moderator: Are you using the same skills?

Changpeng Zhao: Many websites offer commercial products, and technology can make inaccurate decisions. BA never received any information from CH.

Moderator: What do you think this discovery will be about?

Zhao Changpeng: First of all, it is not clear whether there are many similar research reports in the United States based on the results. No American president has spoken publicly.We communicate with almost all the managers all over the world and we think that we have a good partnership and that we still have a good relationship and a good attitude.

We want to keep that.

Agent: You mentioned in an interview a few months ago that your company was planning to raise funds in the United States and finally go public. It's always the same ?

Zhao Changpeng: I think he will be gone in a month or two. Almost done.

Moderator: Why do you want to fundraise? I have determined that you are very valuable.

Changpeng Zhao: Yes, while waiting for diversity, the path through the IPO in the United States is now a successful Coinbase script.

So it's as simple as implementing Coinbase in terms of performance. Hope the low price and low price so that users can enjoy it. From my IPO perspective, it's best to make money first.

Agent: How much money do you need in the budget before the IPO?

Zhao Changpeng: I think it's hundreds of millions of dollars, actually, I don't know how much.

Agent: What about your BA's finances? Do you see them worshiping?

Zhao Changpeng: Not sure. I don't decide what to do, but BA is a bigger organization. You have to check the regulations in many parts of the world to see where you can do your IPO.

Frankly, in 5 years we can see the integration of cryptocurrency exchanges and commodity exchanges.

In this situation, the cryptocurrency exchange can support the use of securities products or tokens, the securities can be listed on the cryptocurrency exchange, and we have a beautiful market.

Agent: So we can go through the stock market.

Zhao Changpeng: It will happen someday. It's hard to predict what the future holds in five years. I think the ipo is the shortest time. So there are a lot of uncertainties ahead, but we are prepared to accept any possibility.

Organized by:Do you think CH will remove its restrictions on cryptocurrency trading?

Zhao Changfeng:short answer? No, but I also want to be clear. CH does not restrict crypto tokens, only exchanges and ICOs. In fact, CH has announced its own CBDC crypto token. When the holding of pi of CH is completely legal, the execution of a crypto exchange on CH is no longer allowed. It was the same 4 years ago.

I don't think this situation will change anytime soon. I think CH will work hard to support digital tokens, they've been trying for at least 5, 10, 20 years to see how it works.

Yes, maybe not 20 years old, but at least 5 years.

Agent: I want to end this question.

Hillary Clinton recently, just a few minutes ago, viewed crypto tokens as a threat of military interference and bioterrorism. He sees this as a threat to American domination. He sees it as a threat to the US dollar as a symbol. Do people view crypto tokens as a threat?

Zhao Changpeng: I think it's a very personal thought. Anyone can choose their own career, but the best way is to embrace it.

For example, BAs operate in medium term trading, and trade can affect the medium term market. We accept everything, but we want to invest more and have more teams developing this technology and we want to be the masters. We want to take advantage of it. We need knowledge, we need knowledge, we grow, we do our best to protect ourselves, we protect ourselves from anything that can harm you, and we need a huge investment to make it happen.

Look at Kodak, don't you? So Kodak might be the digital camera that they developed, but they have very good protection against selling films. They can have a big boss who continues to sell movies like they did a few days ago. The digital camera industry has disappeared due to the availability of digital film protection. The best way is to invest courage. For anything that could destroy you, the US dollar is a very powerful tool for us and may be more powerful than the military.

Crypto tokens and the like can affect this situation in any way. But the Internet, as always, has these implications for the business world. What we got was Amazon, US Google, US Facebook, Twitter and more.

If we do not accept this change, these companies may or may not exist in the United States.

So now we want to balance technology and change it. You might want to protect your personal business interests, but this technology is going to grow around the world. You cannot take the idea out of the minds of 400 million people.

So, I think there is potential for a better imbalance, but let's not see that as a threat. Consider this as a new development and embrace it. It's a better way.

Moderator: Excellent.