Binance’s CZ Disagrees With BIS Chief’s Stance On Crypto Vs Fiat

  • Zhao disagreed with the use of “battle” to describe the crypto and fiat relationship.
  • Galaxy Digital CEO has also disagreed with the BIS executive’s stance.

Binance CEO Changpeng Zhao has responded to the comments made by Bank of International Settlements President Agustin Carstens about the historic tussle between cryptocurrencies and fiat currencies. CZ’s response came after Galaxy Digital CEO Mike Novogratz shared a tweet about Carstens’ thoughts on crypto vs. fiat.

In a recent interview with Bloomberg, the BIS executive stated that the turmoil in the crypto market last year put crypto’s claim as an alternative to fiat currency to rest. “The battle has been won. A technology doesn’t make for trusted money,” Carstens stated while making fiat’s case against crypto.

Agustin Carstens further added that fiat currencies benefit from the legal and historical infrastructure behind central banks around the world. According to him, crypto can only exist “under certain conditions.” He is expecting a “strong statement” from the G20 for increased regulation of the digital asset sector.

Responding to the BIS President’s comments, Binance Chief Changpeng Zhao stated that crypto had no battle with fiat currencies. He further stated that

A technology doesn’t fight with anyone. You use it if you like, and don’t use it if you don’t like it. That’s all

Zhao also expressed confidence regarding the adoption of crypto in the coming years.

Changpeng Zhao’s views resonated with Galaxy Digital CEO Mike Novogratz’s opinion on the matter. Novogratz believes that the BIS President’s stance on crypto has been historically rigid, with little regard for facts. He argued that over the past decade, several fiat currencies had depreciated by over 50% while Bitcoin and Ethereum gained a ton of value.

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