Cryptocurrency has, for long, attracted new-age investors and users who are always looking for profitable avenues for their money. The journey of Cryptocurrency, fintech, and Blockchain is still towards evolution and is going to be big in the future. Ripple CEO, Brad Garlinghouse has expressed that China will overtake the USA in the Fintech and Blockchain soon.
Ripple CEO asks the U.S. to Step Up its Efforts in Blockchain and Fintech
He gave a detailed account of how the dragon has taken the lead over America in the Cryptocurrency and Blockchain. The company is also ready to get on with the government and international institutions to encourage people to adopt and use digital; assets like XRP.
U.S. regulators thwarting the growth of Blockchain and Fintech
Garlinghouse talked about U.S. regulators’ role in building a roadblock for United States growth in the Fintech and Blockchain on Twitter. He urged the regulators to step up on the digital currencies. According to him, China has been racing ahead of the world by getting higher stakes and insights into blockchain innovations. China is promoting innovations in the area by offering subsidies, and the government is focusing on developing Blockchain.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Tweeted about the issue
He tweeted,
“U.S. regulators now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger.”
China getting ahead in digital currency
Chinese digital currency would lead the world and create a significant mark on the global economy, impacting the stake of the dollar as the global reserve currency. Garlinghouse noted that more than 1.2 billion Chinese people pay digitally using their smartphones. Thus, it is a clear indicator that China is way ahead of other countries in the digital currency race.
China foresees bright future in digital Yuan with use in foreign economic activities
As China continues its use and promotion of digital currency, and the digital Yuan gets embedded in economic activities with foreign countries, China will certainly win the race.
Ripple ready to work with regulatory authorities
Ripple has established a subsidiary in the United States capital Washington DC to work closely with the regulatory authorities to work towards the cause.