Binance CEO Changpeng Zhao reportedly believes that China‘s rapid turnaround on the subject of Bitcoin and other cryptocurrencies might grant the industry the inertia necessary to be globally useful.
In so many words.
Specifically, Zhao believes that in order for China to achieve its vision of a digital RMB, it will inevitably have to push the currency to be “more free,” as earlier reported by FXStreet’s John Isige.
“The Chinese government wants to push RMB’s influence globally. They want RMB to be competitive with the US dollar. In order to do that they really need to push this currency to have more freedom.”
Crypto Capitalism With Chinese Characteristics
While the United States has all but stalled on the subject of properly regulating the blockchain industry, a permissive attitude in the EU in combination with a state-backed effort from the Chinese means that the first phase of adoption (overcoming resistance) is near complete.
Then, just like the Internet, the subject will change from whether blockchain products will see mass adoption to how that mass adoption will be achieved and by what means.
The Chinese government, whose central bank is far along in its efforts to create a digital Yuan, has already done a great deal to foment the efforts of native and international blockchain companies.
Take, for example, the various police initiatives in provincial Mainland China which are utilizing the distributed ledger technology to better attend to probationers.
Erstwhile, in the United States, President Donald Trump’s sum total thoughts on blockchain amount to the fact that he is “not a fan.”
American Bitcoin Companies Face Heavy Burden When Compared Internationally
In truth, the average American cryptocurrency outfit has literally no idea whether it is fully within the law or not.
One effort in the direction of sane regulation was the Token Taxonomy Act, first introduced by Ohio representative Warren Davidson.
The legislation’s bipartisan support (including backing from the likes of Democratic nomination hopeful Tulsi Gabbard) illustrates the curious political position of the crypto-libertarian and blockchain early adopter class.
At a time of such universal deceit, it’s hard for Bitcoiners not to wonder if the disadvantage afforded to American blockchain companies is not in fact the intent of the Federal Government.
Whatever the case, it seems that the US executive branch is fully intent on letting yet another new industry slip out of American hands, putting future generations of US citizens at an avoidable economic disadvantage.
Somewhere, there’s a statue of Abraham Lincoln crying at what has become of his Republic.
The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of BitStarz News. BitStarz News employees may also have an active investment in any profiled products and/or companies.
