At the LA Blockchain Summit conference on October 6, Ripple co-founder Chris Larsen slammed the United States (US) for failing to rival China in producing a global financial system for future generations.
Larsen argues that in the dispute between the two countries, the US has lagged behind as China is more transparent in drafting their legislation and applying innovations in blockchain as well as some emerging technologies including big data, surveillance and A.I.
In fact, the important individual Ripple also noted the US failure to make the dollar a digital currency, unlike China which is already advanced in the central bank digital currency (CBDC).
This means that soon China will be more powerful in expanding the use of the yuan to the world as well as weakening the dollar position that currently dominates the international market.
In fact, earlier this week, the deputy governor of the People’s Bank of China, Fan Yi Fei announced that the central bank had completed domestic transactions worth more than $ 162 million through the Digital Currency, Electronic Payment (DCEP) program.
As a result, Larsen hopes the Securities and Exchange Commission (SEC) does not focus on the exemption policy to stop the initial coin offering (ICO). Instead, pay attention to the blockchain as the technology is a critical weapon in defeating China.
Larsen also reminded that China's position of dominating cryptocurrency mining is not impossible if the country will block all transactions as the Chinese Community Party controls Chinese miners.
