Binance CEO Says PayPal Ban Is Latest Crypto Opportunity, Predicts Strategy for China’s Digital Currency
Changpeng “CZ” Zhao, CEO of leading cryptocurrency exchange Binance, points out via Twitter that PayPal will be suspending all transactions for Pornhub, creating an opening for Bitcoin and other uncensorable cryptocurrencies as a viable method of payment for adult entertainers.
As confirmed by Pornhub’s management, PayPal will be halting payouts to more than a hundred thousand adult performers who depend on the money transmitter for meeting their everyday expenses.
The top adult entertainment platform is now instructing users who have selected PayPal as their payout option to change it to direct deposit or direct debit.
— CZ Binance (@cz_binance) November 14, 2019
In addition to a crypto boost from Pornhub’s troubles, CZ predicts that China’s digital yuan will be launched on a blockchain-based platform, reports Cointelegraph. Although China’s national digital currency may not be as decentralized as Bitcoin, CZ believes that it will be one of the world’s most competitive currencies.
Speaking at the BlockShow Asia 2019 event in Singapore, CZ says,
“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”
“When you learn about blockchain, you almost have to learn about Bitcoin. If you learn about smart contracts, you will have to learn Ethereum.”