In a recent interview with Wall Street Journal reporter Paul Vigna, Ripple co-founder and CEO Chris Larsen said the United States has been „slow to play“ with regard to the implementation and regulation of Blockchain and cryptomonies.
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Larsen said the U.S. must shift its focus to Blockchain technology and crypto coins, as the industry has moved on from the boom of 2017 and 2018. The war against initial currency supply scams was won, he said, and now regulators must address the industry so it can compete with the progress of Blockchain and crypto coins in China.
According to Larsen, U.S. regulators have so far only helped China move forward „by providing clarity on the two protocols effectively controlled by the Chinese miners: Bitcoin and Ethereum.“
If regulators fail to provide more information about Blockchain, cryptomoney and the supporting technologies that will drive the next generation of the global financial system, the United States could face a potential catastrophe, Larsen warned.
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On the Road to a Technological Cold War
China is visibly ahead of the US in adopting and investing in Blockchain technology and crypto currencies. While the two countries are headed for a technological cold war, China’s control of the global financial system could prove disastrous for the US financial powerhouse today, Larsen said.
He further warned that in such a case, China could curb the power of the United States by paying its allies for protection or by blocking U.S. banks and companies with low „Chinese social credit scores“ and controlling the timing of their payments.
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Even if there was a small chance that China could do that, the U.S. should implement a check and make sure they are involved in this area to provide strong competition for the country, Larsen concluded.