Opinion: The United States is losing the "technological cold war" to China

Ripple co-founder Chris Larsen criticized the U.S. government for failing to wage technology warfarewith China on an equal footing.

Speaking in Los Angeles at Blockchain Summin 6Larsen said in October that the actions of the US regulators made the company seriously think about choosing another jurisdiction. Today this issue is one of the main ones on the Ripple agenda.

According to him, the U.S. is "incredibly behind China in the current technology cold war," while China's lawmakers provideregulations, build infrastructure, and support innovation in blockchain and other technologies, including big data and artificial intelligence. 

China has already realized that whoever will own thesetechnology, will have control over the next generation financial system. Correspondent banking and SWIFT will not be the technology we will live with for another couple of decades.

Ripple co-founder pointed to failureThe United States will support digital dollar initiatives, recalling that at this time China is already “at the finish line of launching a central bank digital currency (CBDC).

He also spoke about the risks of Chinese dominance in mining, suggesting that "proof-of-work mining is controlled by China, and Chinese miners are controlled by the Communist Party. 

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Based on materialscointelegraph.com