Ripple co-founder Chris Larsen is not too impressed with the United States after failing time and time again to create a satisfactory token environment.
Falling behind financial system control race
During the LA Blockchain Summit conference in October 6, Chris slammed the United States for falling behind in the race to design “the next generation of the global financial system.” His frustrations against the United States in that regard, has left his company thinking of a possible exit according to him.
According to Larsen the U.S is on the back foot of a raging “tech cold war with China.” He asserted that China’s lawmakers and central administration have moved much faster, and more efficiently than America’s in providing legislative cover. Larsen also shouted out China’s ability to settle the infrastructural issues, resource issues, as well as fostering innovation in Blockchain and other technologies that include A.I, big data, and Surveillance.
He also stated that China quickly embracing new technologies represented great foresight in the race to influence the next generation financial system.
“China has recognized that those technologies are the keys to who is going to control the next gen financial system. SWIFT and correspondent banking is not going to be the system we are going to be living with over the next two decades.”
Falling behind in CBDC’s as well
Larsen also mentioned that the Chinese digital Yuan project was way advanced and compared it to America’s failure to back a possible digital dollar. The danger of a digital Yuan according to Larsen is its potential to dominate global markets in the future, while undermining the dollar. He also expressed his frustration with the SEC for being way slower than Chinese regulators in recognizing cryptos and setting up infrastructure for them.
Mass digital Yuan transactions already underway
Early this week, People’s Bank of China deputy governor Fan Yi Fei revealed that the bank had settled more than $162 million dollars’ worth of domestic transactions using the digital Yuan’s Electronic Payment (DCEP) pilot program.
If the Yuan becomes the pioneering mass use CBDC, the Larsen’s fears of it undermining the dollar would become highly justified.
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