Yang touched upon several topics currently trending in the cryptocurrency space. Among those were Facebook’s project libra, next altcoin season, and central bank digital currencies. He took the opportunity to highlight the challenges of crypto community currently faces and specifically spoke about centralized exchanges and how it defeats the whole purpose of creating a decentralized cryptocurrency like Bitcoin, which is at the helms of centralized entities now.
Centralized exchanges are like a bug, CoinEx CEO
Yang highlighted the fact of how most blockchain exchanges are centrally-controlled, which he believes is the biggest hurdle for the crypto community. However, for decentralized exchanges to gain traction, they need to be better positioned and offer more user-friendly solutions. Thus, he affirms that his company is working on enhancing the exchange performance and making it more user-centric.
Upon being asked whether the CoinEx’s decentralized exchange platform is looking to support other major altcoins, besides Bitcoin and Bitcoin Cash, Yang confirmed that eventually, the platform would integrate all mainstream cryptocurrencies.
CoinEx CEO on Libra and CBDCs
Commenting on the most-talked-about topic of the crypto year 2019, Zuckerberg-backed Libra stablecoin, Yang added that it is nothing short of life-changing innovation. Libra has put the cryptocurrency industry back into a positive light. Thanks to the project Libra, there is a healthy working environment that boasts of development and growth, Yang said.
Eventually, Libra will have a massive consumer base, even larger than the internet. It will attract a large number of tech enthusiasts to the blockchain. So, I see no reason why we wouldn’t incorporate Libra stablecoin into CoinEx platform, Yang mentioned.
With regards to central bank digital currencies, like digital yuan or digital euro, Yang said that they are a form of stablecoins and when compared to traditional payment systems involving fiat currencies, stablecoin offer a much faster, safer and an efficient alternative. This, according to him, is one of the most significant use cases of blockchain and makes people stand up and take notice of blockchain and cryptocurrency, in general.
Lastly, on being asked on whether or not he sees a better future for altcoins ahead, Yang said that for that to happen, Bitcoin dominance needs to be sidelined. Only then will altcoins get their share of attention.
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