The Bainance Exchange announced Thursday that it has hired Max Baucus, who has served in the US Senate for several years and also served as its ambassador to China, to advise the exchange on the oversight perspective of the United States.
to the the report “The Block” Max Bacus will advise Bainance on regulatory oversight and act as a liaison between the exchange and regulatory bodies. Bakus previously chaired the Senate Finance Committee, as well as the Joint Tax Committee and the Transport and Infrastructure Subcommittee. He also served as US Ambassador to China from 2014 to 2017 (2014 to 1397) under former US President Barack Obama.
Bacchus focused more on health reform issues during his time in government, but became interested in blockchain payments when he served as ambassador to China.
In 2017, he stated about China’s payment systems:
China has surpassed the standard payment systems still in use in the United States.
He also said that bills that seek to extend financial technology oversight (Fintech) do not seem to be leading the way.
According to Max Bacos’s profile on the US Chamber of Commerce website, he runs a consulting firm outside of his state of Montana that provides consulting services to American and Chinese businesses. He has previously worked as a consultant for the Alibaba Group.
“Bacchus said in a statement:
China’s digital currencies and blockchain technology are among the most powerful forces for change in global financial systems. These technologies are potentially leading the way in how money is managed, leading to a fairer and more equitable financial world. Bainance is one of the largest organizations involved in integrating digital currencies into the mainstream. It is an honor to be able to guide and advise this organization in the complex political and regulatory framework that holds the key to the widespread acceptance of digital currencies.