Speaking at the Blockchain Summit in Los Angeles on October 6, Ripple co-founder Chris Larsen criticized the United States for being behind the creation of “the next generation of the global financial system.”

The name expanded due to Larsen’s dissatisfaction with US regulations, which forced the company to consider moving to another jurisdiction.

Larsen argues that the United States “unfortunately” withdrew in the “ongoing technological cold war with China”, and claims that China’s central government has surpassed US legislators in providing clarity, resource allocation, infrastructure and innovation in the country. blockchain and other new technologies, including big data, surveillance and artificial intelligence

“China has realized that these technologies are the key to who will control the financial system next year […] SWIFT, and the correspondent banking system will not be the system we will live with for the next two decades.”
The Ripple co-founder highlighted the United States’ inability to embrace initiatives to digitize the dollar, and noted that China is “ahead of the Central Bank Digital Currency” (CBDC). Larsen added that the central bank’s digital currency will allow China to “spread the yuan all over the world” and undermine the dominance of the US dollar in international markets.

Fan Yifei, deputy head of the People’s Bank of China, said earlier this week that the central bank has already paid more than $ 162 million in domestic transactions through the Digital Currency and Electronic Payments Pilot Program (DCEP).

Larsen said Chinese regulators were more adaptable than their US counterparts, arguing that the Securities and Exchange Commission (SEC) should recognize the blockchain as a critical battleground in the technology arms race with China, rather than supporting a policy of exclusion. which aims to stop the Initial Coin Offering (ICO) Madness of 2017.

Larsen also warned of the risk of China’s dominance in cryptocurrency mining, stressing that “evidence of labor is under Chinese control” and that Chinese miners “are under the control of the Chinese Socialist Party.”

“Miners are masters. They can rewrite history if they want. They can block transactions. ”
Ripple’s CEO described the SEC’s policy as approving confirmation of working protocols, which strengthen China’s influence in the global crypto sector.

Source: CoinTelegraph