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Chris Larsen of ripple believes America needs to buck up its ideas for a CBDC against the digital yuan

 
Chris Larsen of ripple believes America needs to buck up its ideas for a CBDC against the digital yuan
Breaking News / Ripple
  • Chris Larsen has recently called on the United States to work alongside developers in the blockchain and crypto space.
  • If they don’t, he warns that they could risk losing the global financial war China.

Chris Larsen, an executive and the co-founder at the San Francisco-based company, Ripple has recently called on the United States to work alongside developers in the blockchain and crypto space. If they don’t, he warns that they could risk losing the global financial war China.

As the dollar is the global reserve currency (for the time being), many people in America have been comfortable enjoying such power and privilege that comes with it but with the upcoming state-controlled digital Yuan in China, this could soon change.

Larsen says:

“For China, this is a once-in-a-century opportunity to wrest away American stewardship of the global financial system, including its ultimate goal of replacing the dollar with a digital Yuan”

It won’t be long until this Cryptocurrency launches in China and whereas many people in the crypto space are excited to see how it will play out, there is a worry at the same time. For the United States, their plans for a central bank digital currency are almost non-existent. The co-founder explains that these are reasons enough to worry about the future of American values when it comes to economic freedom and open access.

Chris goes on to highlight that the United States needs to support regulation when it comes to blockchain and crypto. If Silicon Valley was called upon to assist in the designing of a US-backed CBDC, who knows the endless possibilities?

He adds:

“We must adopt a far more supportive regulatory approach to blockchain and cryptocurrencies, especially those technologies developed and used by American companies.”

According to him, the United States has all the tools necessary to win a financial battle with China, but it is how they act and use it that matters. He believes that they should not sit idly by and watch the eastern country bring a dystopian future to the globe. He finishes off by saying:

“Even if one assumes there’s only a small chance of the U.S. losing financial stewardship that should be enough for an all-hands-on-deck response.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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