Zhao believes that one of the main problems with the mass adoption of cryptocurrencies for payments is the lack of transaction privacy. This characteristic of blockchain causes companies and various institutions to refrain from paying expenses using digital assets.
"Imagine a company that pays salaries in cryptocurrencies. Right now, anyone can see the amounts paid just by looking at the wallet transactions from where the money came. This can be a problem for the mass adoption of crypto payments," Zhao explained.
The founder of Binance was supported by former business development specialist in the crypto project Kaspa Avidan Abitbol. He emphasized that transactions can contain critically important information about corporate workflows, relate to trade secrets, and give competitors insight into the company's financial position.
Previously, Changpeng Zhao mentioned that, in his estimation, about 10% of the Earth's population owns cryptocurrencies.