Binance Gathers Support in Rally Against Propaganda From China & Centralized Banks

The famous crypto exchange is having a rough year lately, as it is dropping its services from several countries due to regulatory issues. And looking back to what has been happening in crypto and the world, is there more than this.

Could we all currently be experiencing a war of decentralized finance, by pitting old money vs new money? Let’s look at the scenario to find out.

China Digital Yuan Combats With All Cryptocurrency

The Digital Yuan is an ongoing project that is taking place in the country. As the ban and crackdown on cryptocurrencies have intensified in almost various provinces. While it is still being used to some limited capacity the government is keen to have it removed entirely.

Most of the campaigns will highlight the volatile nature and it acts as “dirty money” for the illicit activities.

As for how this will all go down, it is yet to be seen. Some people are saying that there is now a law set in stone as exchanges like Uniswap are still active there. But the PBoC is still putting the effort to have the populace transfer over to the digital currency.

Banks Are Losing Billions in Profit over Crypto

As more people are starting to take notice of cryptocurrencies, the old institutions have been noticing a loss of over billions as people are investing in crypto. As money transfers, bank wires, swift deposits, and even NSF fees are no longer profitable tools. A FUD has been created over the cryptocurrencies' flaws to persuade people not to opt for that. Given the historical connection between Banks in various key events, even the lobbyists and few government bodies are trying their best to 'regulate' or censor the use of crypto.

Allies for Crypto

Despite the opposition present, It appears that Binance has gained some crucial allies in the form of BEP20 Warrior Token, Safe Titan Swap, along with Ethereum, Bitcoin, Cardano, Solana, Mina, DOGE, Elon Musk, Mark Cuban, Paypal, Jeff Bezos, and Amon are amongst a few of the crypto-future allies.

Musk has been one of the key factors in making Dogecoin and other small tokens flourish for a while. And as for the rest of the folk, they are spreading not just positivity but also giving others awareness to enter the industry.

Twitter's Support For Bitcoin & Ethereum

Speaking of Twitter the platform is now looking to add some content subscription feature for the main platform and both Bitcoin and Ethereum are set to be part of the payment options. Given that CEO Jack Dorsey is one of the Bitcoin Maximalists out there it's no surprise we might get to see crypto usage everywhere sooner.

El Salvador's Bitcoin Experiment and Ukraine's Next Approach

The Central American country, El Salvador has adopted Bitcoin in the country and since then has been engaged in the purchase of BTC. This is somewhat a risky and clever move that caught everyone's attention with its President Nayib Bukele has made it a requirement that all businesses learn to use technology to accept cryptocurrency. Most of the transfers are handled via the Chivo Wallet app. Meanwhile in Europe Ukraine also passed legislation to make crypto legal in the country is preparing to embrace the cryptocurrencies according to their President Volodymyr Zelensky. Other countries will also make moves to tackle the financial crisis.

Meanwhile, in El Salvador, Bukule claims that with Bitcoin 7-Million people save an outstanding $400-million-dollars annually on international money remittance fees. No surprise that while the flip side has a different story, his social media is about the people embracing the crypto revolution and all.

Conclusion

Although it's going to be a rough road ahead, this will be seen in a few years. Which model is more important, Centralized or Decentralized?