Tension as China sets to win the Blockchain Race Leaving US Behind
China is obviously the blockchain tech leader at the moment and the US is in danger of loosing out entirely if it does not do something to at least get get off the starting line.
There is obviously no doubt or mistake over China’s intention when it comes to Blockchain Technology. The unimaginable sharp increase in the crypto market was largely as a result of president Xi Jinping’s public endorsement in the late October(2019) even though there have been subsequent efforts to calm(put an end) the progress of Digital Assets which Beijing specifically didi not approve of.
In line with the most recent report by the CNBC, China is on the verge of dominating the world of blockchain technology development which is capable of sending other prominent cryptocurrency- leading countries like American into digital dust and doom.
In the statement of Garrick Hileman, the Head of Research at the crypto exchange and trading platform, Blockchain while speaking to the news outlet;
“This is an extremely significant development, not just for China but for the broader world. Countries are racing to identify strategic technologies and develop sustainable competitive advantages in areas like artificial intelligence and robotics. With Xi’s speech blockchain technology can now be added to this list,”
Over the past few weeks, the central banks of the world have been disclosing their findings on a CBDC, in an effort not to be left behind.
Sequel to China’s endorsement, countries like Japan, South Korea, France, Sweeden, Lithania, and the EU have openly disclosed the intentions.
The co-founder of crypto-investment firm, Kinetic Capital added;
”With President Xi Jinping’s backing of Blockchain, China has unequivocally said that the future foundation of technology is Blockchain and China will be the first nationto the moon”.
The Southern Province of Heinan has been established as a blockchain pilot zone to nurture development and testing . Countries like Singapore, Switzerland and Malta have in a bit to promote cryptocurrency, introduced cryptocurrency and blockchain friendly policies to encourage firms to set up branch shops there.
On the other hand, US has been declared a discouraging environment as a result of regulatory impediments and procastinations. It is however expected that a cryptocurrency giant country like the US should ease the regulations for cryptocurrency and blockcahin come 2020 or soon thereafter.