At Token 2049 fireside chat between binance founder Changpeng Zhao (CZ ) and CEO of RealVision Raoul Pal, they discussed multiple topics like multiple countries’ capital slide issues, capital control issues, foreign direct investment, and much more. They even addressed the major issue of people who can’t get money out of their respective countries.
Raoul Pal, who had been the panelist for the Binance Fireside talk at Token 2049, asked (CZ) about some countries like India and China, as they stand close, but in what stage of the procedure are they? Where do the countries stand, and what is their current situation in terms of their council control issues?
To that, Cz replied, “ Right now, I think China’s adopting the use of Hong Kong as a sandbox kind of approach. So I think Hong Kong is extremely pro-crypto now. ”
He added, “ I think they started changing about two years ago. They started issuing licenses, but two years ago, the licenses were quite restrictive. So in terms of token listings, etc. So now they’re exploring ways to open that up.”
However, he emphasized that Hong Kong needs to be concerned about the Capital control issues of China. Despite being financially open, Hong Kong can’t help people in mainland China move large amounts of money abroad freely, as China still has capital control.
And since Crypto sees no borders, crypto makes it much harder for governments to control where money is going.
Also Read: Regulators want to regulate in crypto locally,” CZ at Token2049
