The Central Bank of China recognizes digital currencies for the first time, and Changpeng Zhao advocates the regulation of the crypto industry

China’s Central Bank has recognized digital currencies for the first time

The Chinese regulator has recognized, for the first time, digital cryptocurrencies as an asset. Li Bo, deputy governor of the People’s Bank of China, called them an alternative investment asset.

“Li Bo, deputy governor of the Central Bank of China, said that crypto assets such as Bitcoin should be used as investment tools or alternative investments. This is the first time that the Chinese government has recognized the asset value of cryptocurrencies,” Chinese journalist Colin Wu tweeted.

In addition, he noted that the PRC is currently looking for options for optimal regulation of the crypto market. The journalist wrote that Li Bo is confident that “stablecoins issued by private companies need stricter regulation than the first cryptocurrency.”

Changpeng Zhao is confident that regulation is not necessarily bad for the crypto industry

Binance CEO and Founder Changpeng Zhao says regulation is not necessarily bad for the crypto industry.

“If I was a regulator, the most logical thing I would do is to look at the existing regulations in the traditional financial space and bring them into crypto,” Zhao said, stressing that the crypto industry is significantly different from traditional finance.

The head of Binance also added that he was not, unlike many others in the industry, a libertarian or anarchist. He added that regulation should be aimed at making the cryptocurrency market safe.

Coinbase top management and investors earned $5 billion from the sale of shares

The SEC has released information on the amount of the sale of Coinbase shares on the first day of trading. It turned out that the management of the exchange and its early investors sold shares for $5 billion.

Coinbase CEO Brian Armstrong sold nearly 500,000 COINs at prices ranging from $381 to $410. For this, he received more than $ 291 million. That’s about 1.5% of his stake in Coinbase.

Board member Fred Wilson sold 4.7 million shares, earning about $1.8 billion. Union Square Ventures, which Wilson runs, sold a similar number of shares.

Marc Andreessen, along with venture capital firm Andreessen Horowitz and two affiliates, got rid of 1.18 million shares of Coin for a total of $449 million.