• Chris Larsen, co-founder of Ripple, considers China’s efforts in the Blockchain and Fintech sector outstanding.
• Like Mike Novogratz, he points out that China will assume the leading role in this area worldwide.

As we reported earlier, multiple billionaire Mike Novogratz publicly pointed out on several occasions that the American regulatory authorities, with their current working attitude, are preventing and stopping blockchain innovation. Chris Larsen, founder of Ripple, shares this view and calls for a change or improvement as well as rethinking of the authorities in America.

Larsen: China will become innovation leader if USA continues to hesitate

In an interview at San Francicso Blockchain Week, Larsen says that the US is currently the world’s largest economy, but China is well on its way to overtaking the US. This process can also be observed in the blockchain sector. He calls on the US to establish clear guidelines and framework conditions for the promotion of innovative ideas in the blockchain sector.

Larsen describes that the blockchain technology is highly complex and that he understands that the authorities need time to understand the matter down to the last detail, but it is high time to increase the speed of work as not only China is advancing, but also more and more companies emigrate overseas like Singapore, Switzerland or Malta:

There was a critical moment in ’97, when regulators laid out a framework [for the internet]. And that’s kind of what you need here, and we haven’t done that yet.

The other difference, though, is finance is just way more complicated than when we’re just dealing with data. Way more complicated. Words can [only]do so much, but money can buy bullets.

The consequences are more severe. I get that, I respect that it’s a really hard thing. But we’ve got to step it up. And with China’s announcement now, I think we’re really in danger of falling behind and sending more companies abroad.

He also states that the financial sector is a very sensitive issue and that cryptocurrencies could have a direct tangible impact on the traditional monetary system. However, local conditions need to be improved so that the United States remains competitive and does not lose touch with other nations such as China.

Ripple leads by example

Ripple has long been committed to supporting regulatory efforts around the world and creating clear requirements for cryptocurrencies and XRP. Ripple opened a new office in Washington D.C. and a subsidiary that is dedicated solely to connecting with policymakers and ensuring an active dialogue between all stakeholders.

Ripple has also joined a new initiative that organizes programs that help governments, ministers and agencies better understand the issue and take action more quickly.

China is on the verge of releasing its own digital currency, the digital yuan, which will replace cash in the long term and give it a technological edge. It remains to be seen how fast this project will progress and what real impact it will have on the cryptocurrency market and on people’s everyday lives.

Within the last 24 hours the price of XRP tends sideways (-0.76%) to a price of 0.2922 USD.

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