China’s regulatory approach to blockchain and cryptocurrencies is not going unnoticed, and it has caught the attention of Ripple CEO Brad Garlinghouse.
Garlinghouse said China is ahead of the U.S. when it comes to the regulatory aspects of the disruptive sector.
His comments come as the Far Eastern superpower has already begun trials of its digital currency. Similarly, Blockchain-based infrastructure is, also, undergoing advanced testing in Hangzhou, Shenzhen, and Hainan.
China’s crypto dominance
Speaking on the panel of the Chamber of Digital Commerce’s Parallel Summit on July 17, the Ripple co-founder was appreciative of the country’s efforts towards crypto and blockchain regulation.
“In some ways, I’m in awe of it,” said Garlinghouse in the Fireside Chat, adding “these technologies may, in fact, be very foundational for the future of how financial systems work, and they want to make sure that they have capabilities at the heart of them.”
To explain, Garlinghouse turned to China’s control (legally speaking) over Bitcoin and Ethereum in the country. Chinese miners, he said, dominate the BTC and ETH hash rates as of today.
Chinese regulations helped in the above. Garlinghouse explained how America’s regulatory clarity around internet technologies help the space rise in the early 1990’s—making it a leader in the space:
“Twenty-five years ago the U.S. was a leader in making the internet what it is today, but part of that came from regulatory clarity.”
Garlinghouse called for clarity for blockchain entrepreneurs in the country; which will help spreadhead development in the space.
Turning towards Asia, Garlinghouse said Thailand, Malaysia, Japan, and, lately, India have laid regulatory clarity for crypto and blockchain development in the country.
China’s blockchain push
In recent weeks, Chinese developments have boosted the country’s aspirations to become a “global blockchain hub” by 2022.
Last week, over 140 public government services onboarded a blockchain system in the city of Suzhou in Eastern China. The development came two weeks after the Zhejiang district laid the foundation for the ambitious Blockchain Service Network (BSN).
Applications include providing “convenient” and low-cost one-stop “blockchain environment services” to individual users. The development is touted as the “blockchain internet” by authorities.
Meanwhile, Ripple co-founder Chris Larsen has similarly appreciated Chinese efforts in the past. As CryptoSlate reported, he said “China is so far ahead of us” while noting the country’s $1.4 trillion warchest for emerging technologies such as blockchain.
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