It has been more than 2 decades since the cold war between the two largest economic bodies from different continents of the world started that is The United States of America and The People’s Republic of China. Both the countries seem to be in an eye-staring contest and the scuffle between the two countries has been observed by the entire world.
What started off as a personal affair between the two states has now all out in the open in front of the entire world when the trade war between China and America broke out and both countries started displaying each other’s weaknesses and flaws in the trade policies.
With the initiation of the China-Pakistan Economic Corridor, a ripple was created throughout the globe that resulted in the economic giants to take sides. As a result, many countries who were tired of America’s superiority over the world’s economy sided with China, and others joined America.
Then came the science and technology sector where China seems to have taken the lead as well. Since the beginning of the 21st century, the USA has been more focused on waging war against other countries and is spending more of its energy and resources on the defense and security sector.
On the other hand, China is not paying much attention to that is more focused on the growth of their country’s economy and currency. In the cryptocurrency and blockchain industry, China is responsible for around 85% of the mining activities. Many cryptocurrency/blockchain developers including Chris Larson who is the co-founder and chairman at one of the major crypto-firms known as Ripple are of the same opinion.
In his recent interview with one of the blockchain blogs, Chris stated that China has become far more superior in the cryptocurrency and blockchain race as they have also created their own central bank-backed digital currency (digital-Yuan) to replace their traditional physical cash currency with digital-Yuan and have already gotten their people used to the electronic payment methods through WeChat and Alipay.
On the other hand, the United States does not even seem to have initiated any efforts to issue digital-dollars let alone adopt the blockchain industry.