Binance to Setup New Office in Beijing; Did President Xi Jinping’s Viewpoint Influence this?
Cryptocurrency exchange, Binance has supposedly been working towards establishing an office in Beijing reports Coindesk. The reason for such an office remains unveiled, as per the sources that have contacted the news outlet. However, many trust that it could simply stem from President Xi Jinping’s yearn for China to involve itself more in blockchain technology.
Initially, China opposed the idea of supporting cryptocurrencies and its likes, but it seems like the tables have finally turned. Binance’s recent report on China’s plans for a ‘digital fiat currency’ is one of many indicators of China’s possible change of heart – especially considering the same time just a year ago where access to Binance in China was barricaded.
In the meantime, it seems like Binance is hard at work, as they are allegedly placing more emphasis on working alongside governments regarding a stablecoin project called Venus. As per Binance Co-Founder and Chief Marketing Officer, Yi He, who discussed said project with Bloomberg, Binance’s role entails maximizing on factors including stability, and “sustainable development.”
According to Zhao, Binance witnesses trading volumes in the million-dollar ranges from China in recent times amidst the now available “peer-to-peer functionality.”