China’s Blockchain Love May Threaten USA’s Global Supremacy
Followed by President Xi Jinping’s comment and call to his countrymen to embrace Blockchain, the Chinese have been going all out to follow in the path set by their leader. Right from CPC launching a Dapp for members to attest their allegiance for the party on Blockchain to registration of 500+ blockchain projects in the recent months, China’s stance towards Blockchain and its adoption has been quite aggressive.
The People’s Bank of China is very close to launching CBDC (Central Bank Digital Currency), which will make them the first central bank in the world to launch a digital currency, not to mention their open support to Bitcoin. All these have served as substantial proof regarding the Asian superpower’s interest to invest in the distributed ledger technology and crypto space.
China’s Blockchain love stands stark opposite of USA’s restrictive attitude towards it, which has had many to believe that it may tip the scales of Superpower balance in the world, with the former taking the place of the later.
Since the very beginning, the USA has had a very adverse reaction towards Blockchain and cryptocurrency as a whole. The SEC has been working on reducing the development of several crypto and Blockchain start-ups. Most of the Senators and Congressmen have objected to the launch of cryptocurrencies. Above it, all President Donald Trump has openly expressed his dislike for Bitcoin and the development of digital assets.
On the other hand, China has been studying the crypto space for the last 5 years and is now all set to launch CBDC.
According to experts America is
“making current decisions off past performance.”
For the last 50 years, the USA has been the global superpower because it’s the native currency which the USD has been developing as the global reserve currency. This was the prime reason that they were able to outdo the other nations in the power of economic dominance.
As per crypto experts, the old US policy is hard to work in the future because
“The first is Bitcoin and the second is China’s digital currency (now being called DCEP). Bitcoin is fairly self-explanatory — it is a digital currency that is fully transparent and not controlled by anyone. Pretty powerful for the billions of people around the world that don’t live in the United States.”
For the USA to keep its position intact in the global superpower race, the government has to embrace and adopt Blockchain and digital assets as soon as possible, as China closing in fast.
“The future will be automated, global, and largely decentralized. There will be a power shift from corporations and governments back into the hands of individuals. The first few countries who empower this shift will have the greatest chance of thriving in the new world”, is what the experts believe.