Use of open inverted commas in quotation

At that time the Buddha said to the bodhisattvas and mahasattvas: “Leave off, good men! There is no need for you to protect this sutra.

“Why? Because in this saha world of mine there are bodhisattvas and mahasattvas who are as numerous as the sands of sixty thousand Ganges, and each of these bodhisattvas has a retinue equal to the sands of sixty thousand Ganges.

“After I have entered extinction these persons will be able to protect, read, recite and widely preach this sutra.

When the Buddha spoke these words, the earth of the thousand million-fold countries of the saha world all trembled and split open, and out of it emerged at the same instant immeasurable thousands, ten thousands, millions of bodhisattvas and mahasattvas.”

Is there a difference between American English and British English in regard to use of open inverted commas in the above quotation? I was taught to use open inverted commas for every paragraph, but a friend of mine says that in American English, they are not needed. Instead new paragraphs instead of open inverted commas indicate that the quotation has not ended. The closed inverted commas indicates that the quotation has ended.

Thanks.