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Changpeng Zhao, the founder and former chief executive officer of the world’s largest exchange, Binance, has taken to his official X account to comment on the news of the Indian rupee crashing against the US dollar.
CZ shared his hot take on what is happening with the global economies at the moment, hinting that crypto may serve as a good tool and help countries prosper.
CZ commented on the recent drop of the Indian rupee as it has reached a new low against the US dollar. In his tweet, Zhao spoke about protectionism and how it can damage the economy.
The USD increased by almost 0.5% against the rupee today, which aligns with the 25% trade tariff on the import of Indian goods implemented by the US government recently. CZ hinted that this protectionism is always harmful for the economy, since people suffer: “Protectionism is always at the expense of the people, ie, the economy.”
The best way to improve the economy, according to CZ, is “to adopt innovation.”
Known as an advocate of blockchain and crypto, CZ could be hinting that India should start creating a national crypto reserve. After he visited Kazakhstan earlier this year, the country recently announced its plans to start building a Bitcoin reserve. CZ was invited as a member of the national crypto council in both Kazakhstan and Pakistan this year.
