Asia Is Beating The United States In Race For Advanced Crypto Tech
The blockchain technology was created less than a decade ago but we already have signs that it could change the world of finances forever. Because of this, countries are racing to develop the best technologies and it looks like Asia is a step beyond America in this race.
This technology could radically change the power dynamics of the world’s superpowers and while the US is still discussing about the dangers of this technology, Asian countries are moving ahead and are already reaping the benefits of the technology.
We can see many examples of people who do not believe in cryptos in the US. Rep. Brad Sherman has argued in a congress hearing recently that cryptos are only useful for laundering money and for tax evasion and recommended that the US should ban all cryptos. Fed Chairman Jerome Powell affirmed that cryptos are great if you want to hide money, but that’s all.
There’s even people that are still sore because Russians used cryptos during the manipulation of the 2016 election.
China Is Getting The Headstart On The Crypto Race
While this will not slow down the crypto revolution and the changes will still happen, the US will definitely lose the head start of the race to China. While many people think that China has banned cryptos, that is far from the truth.
In fact, China is easily the strongest government sponsor of the distributed ledger technology today. The Chinese government has only targeted Initial Coin Offerings (ICOs). Not a single Chinese blockchain project was blocked by regulators and there is a high number of them around.
The Chinese government is invested in this technology and it is one of the most forward thinking governments in the world when it comes to blockchain tech. To see how much China invests in technology, just see the One Belt, One Road project.
Now, the government has decided to use blockchain and AI in this project, which can make it even better. The US, on the other hand, is still discussing and losing time and resources.
Japan has also taken an important step in this market. The Financial Services Agency of the country has just approved cryptocurrency exchanges as long as they follow strict rules and guidelines. This means that not only the provided clarity for regulation but also legitimized the crypto industry and protected the public.
This kind of stance has attracted major companies like SBI Holdings to the market while companies like Ripple have a track record of success in the country while Coinbase and other American exchanges are still afraid of listing Ripple and the SEC labeling it later as a “security”.
South Korea has announced tax credits for companies based on the blockchain technology as a move to incentivize their growth. All major Asian countries are following the same path while the US is lost in fruitless debates.