For CZ Binance, Africa is a very important market for the development of Bitcoin and cryptocurrencies

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For CZ Binance, Africa is a very important market for the development of Bitcoin and cryptocurrencies

World leader among the crypto exchanges, Binance is currently established on all continents including Africa.

The crypto exchange has just passed the milestone of 1000 employees worldwide and is still recruiting!

In an interview with CNBC Africa, Changpeng Zhao answered questions from the TV reporter about Binance’s development in Africa.

With more than 1.2 billion people, Africa is a very important market for the development of Bitcoin and cryptocurrencies, says CZ Binance.

Binance, for example, recently added a new feature to its platform that allows bank account holders in South Africa to trade cryptocurrencies directly using the value of the Rand.

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The Bitcoin Binance exchange is also working on its development in other African countries.

In the interview, the CEO of Binance said that Bitcoin and cryptocurrencies are an alternative to banks and may clearly replace them in the future.

Asked by CNBC Africa journalist about the impact of the Coronavirus/Covid19 crisis, CZ said that the financial crisis of the past few months has indeed affected the crypto industry as well as the financial and stock markets.

However, the crypto market quickly recovered from the drop in March 2020 in particular.
Prices have risen even after being hit hard in March, and that is what he says is most important.

He said volatility is something the industry has become used to and when it does, “we are dealing with it,” says Binance CEO.

The CNBC Africa journalist wanted to come back to the fact that Bitcoin and cryptocurrencies are used for criminal purposes and the trade of illegal products.

Changpeng Zhao says:

A very small part of cryptocurrency or any currency, US dollars are also used for harmful purposes and other currencies… Cryptocurrencies also have many other use cases like cross border payments, remittances, micropayments, etc. And fundraising on the blockchain worldwide.

There are a lot of good use cases, there are bad players in space, they are scammers, but it’s the same in any new industry. We just have to be diligent and fight the bad players and try to promote the good side.”

Regarding the development of Binance in Africa, Changpeng Zhao believes that the arrival of Binance in African countries will help people to turn to alternative solutions to national currencies.

In the midst of the economic crisis caused by the Coronavirus, many countries, including the United States in the lead, print banknotes in an unlimited manner (Quantitative Easing) with the risk one day of seeing the whole financial system collapse.

Bitcoin, which was just created in 2008 in response to the subprime financial crisis where banks were bailed out with public money.

Africa is therefore a key market for the development of Bitcoin but also for Binance.

Dash cryptocurrency has just joined forces with AnkerPay to develop in South Africa.

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