Chris Larsen, Ripple co-founder and chairman of the payments technology companyÃ¢ÂÂs board of directors, said ChinaÃ¢ÂÂs Ã¢ÂÂitchingÃ¢ÂÂ to be the one that designs the next financial system and that the U.S. is Ã¢ÂÂwoefully behind.Ã¢ÂÂ
- Speaking at the LA Blockchain Summit last week, Larsen said the U.S. needs to face up to that itÃ¢ÂÂs in a tech cold war with China with the fate of control of the worldÃ¢ÂÂs financial system at stake. Right now, ChinaÃ¢ÂÂs winning, he said.
- Ã¢ÂÂChina is just itching to be the one that designs this next system,Ã¢ÂÂ Larsen said. Ã¢ÂÂTheyÃ¢ÂÂve committed $1.4 trillion to a variety of technologies and blockchain is right at the top of their list.Ã¢ÂÂÃÂ
- ItÃ¢ÂÂs not just that ChinaÃ¢ÂÂs pumping money into technology, the regulatory environment in the U.S. is actively discouraging financial innovation, he said.
- Ã¢ÂÂI just have to say it, in the U.S., all things blockchain, digital currency, they start