Along with blockchain technology and digital currencies, artificial intelligence, machine learning and drone technology, it is gaining more and more attention as the next stage for technological advances.
This week, Ripple co-founder Chris Larsen talked about the slow development of blockchain and cryptocurrencies in the USA on the CBInsights forum. Speaking to WSJ reporter Paul Vigna, Larsen said he is “ignorant” about providing legal clarity about the country's blockchain and cryptocurrencies:
Chinese miners dominate the industry
Larsen said blockchain technology is ready to play an integral role in the world's "new generation" global financial system. He added, however, that much of the US debate about cryptocurrencies is centered around Bitcoin and Ethereum, which Larsen defined as "dominated by China-based miners."
"China is ahead of us," said Larsen, emphasizing that China is making $ 1.4 trillion in preparation for emerging technology, and some of it is devoted exclusively to increasing payment technology and blockchain.
China is already modeling the island of Hainan as a "blockchain center". Local observers stress that President Xi Jinping aims to make the island fully blockchain and AI compatible. Earlier this month, the Chinese government demanded acceleration of Hainan's development as a "Blockchain Pilot Zone".
Before ICO Days
Larsen believes that the cryptocurrency industry has gone far beyond an ICO times where fraud and vague tokens are involved and slapped billions of dollars. “The regulators must appeal to the industry to compete with China's blockchain and cryptocurrency progress,” said Larsen, who said “this war has been won.”
Larsen said that China's latest move to control Hong Kong has brought them two major financial centers, one of which is Shanghai, and continues to continue most of the US's financial efforts only in New York.
The manager of Ripple, who stated that Forbes has a assets of $ 2.6 billion, thinks that China's control over the global financial system can be "destructive" for the global heroism that the US markets are currently displaying.
China Focuses on the Future
While countries around the world strive to achieve improvement by focusing on blockchain and digital currencies, some countries like China are focusing on blockchain as an important part of their ambitious Five-Year Plan.
However, the USA is considerably slow in adopting blockchain, both in terms of regulations and infrastructure. Lack of action is seen as a problem for the country's long-term growth and attractiveness as a technological center.
According to some, considering the proactive steps of China, he thinks he will be the first in the blockchain field.
