A very interesting interview emerged in the XRP news today, showing that the Ripple co-founder Chris Larsen spoke with CBInsights forum about the slow development of blockchain and cryptocurrencies in the US.
As you probably know, blockchain technology and digital currencies are increasingly revered as the next phase for technological advancements, alongside the usual suspects of artificial intelligence (AI), drone technology, and machine learning.
Larsen spoke to the WSJ reporter Paul Vigna and said that the United States was “ignorant” about providing any legal clarity on blockchain and cryptocurrencies. The interview is summed up in the tweet below.
Ripple co-founder @chrislarsensf spoke with @WSJ’s @PaulVigna at @CBInsights Tech Conf about the #tech Cold War brewing between the United States and China. Watch the full talk today. https://t.co/OFLAfBTjan pic.twitter.com/ReIaSlRGn1
— Ripple (@Ripple) June 24, 2020
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The Ripple co-founder also said that blockchain is poised to play an integral role in the world’s “next-gen” global financial system. As he added, much of the US discussion around cryptocurrencies centers around BTC and ETH, which he thinks that is “dominated by miners based in China.”
In this manner, Larsen also touched the Bitcoin news and said that “China is so far ahead of us.” He noted that the country has readied a $1.4 trillion warchest for emerging technology, with part of it earmarked for increasing payments tech and blockchain.
Meanwhile, the recent news confirm that China is already modelling the island of Hainan as its new “blockchain hub” and local observers state that President Xi Jinping aims to make this island fully-blockchain and AI compliant and pioneer in a new future. The “Blockchain Pilot Zone” in Hainan is being built.
The Ripple co-founder Chris Larsen also believes that the crypto industry has come far ahead of its ICO days, a time when scams and obscure tokens swindled many billions of dollars from the open market.
“Regulators must address the industry so that they can compete with China’s blockchain and cryptocurrency progress,” he added.
Larsen also noted that the recent move from China to try and control Hong Kong gives them two major financial centers (along with Shanghai) all while the US tries to field a majority of its financial efforts only in New York.
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With an estimated net worth of $2.6 billion on Forbes, the Ripple executive thinks that Chinese control over the entire financial system could prove “devastating” for global powers that US currently show.
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