According to Coinbase CEO Brian Armstrong, China could benefit from the restrictive laws imposed by the United States on the cryptocurrency industry. ” The United States and other democratic nations face digital systems promoted by an ambitious adversary, China “, did he declare.
For Brian Armstrong, China would be a future hub of crypto innovation
The CEO of Coinbase seems to think that the middle empire intends to become a magnet for Blockchain innovation. In an editorial published by MarketWatch, he states that China set to benefit from “restrictive” crypto rules imposed on UNITED STATES. He adds that these rules “inadvertently” stimulate innovation abroad. Brian Armstrong goes on to state:
” The United States and other democratic nations are confronting the digital systems promoted by an ambitious adversary, China “. In particular, he mentioned the Alipay and Tencent payment systems.
” With the recent launch of its digital yuan, China aims to directly challenge the US dollar and its role in global trade. This is what added Brian Armstrong.
The latter does not find it “surprising” that Hong Kong is positioning itself as a new cryptocurrency hub. TheBlock adds that Brian Armstrong’s remarks come at a time when there are growing rumors about a return of China to the Blockchain industry. Indeed, the public television channel China Central Television broadcast a program on cryptocurrencies.
China ahead of the United States in terms of cryptocurrencies?
The United States seems to hesitate on the attitude to adopt towards cryptocurrencies. In 2021, China made a clean cut by outright banning their use. However, in early May, the country released a Web3 white paper that promotes industry development. Meanwhile, the Hong Kong Securities and Futures Commission has released its findings. These are proposed regulatory requirements for trading virtual assets. They should come into force on June 1. China seems to have understood the importance of crypto-assets.
” It’s not just China that can see the possibilities. wrote Brian Armstrong. ” Crypto, like the internet before it, has the potential to modernize finance. »
Coinbase is at odds with the US stock market watchdog over the need for clear crypto regulation. Brian Armstrong thinks that the United States may even experience security threats if China made a breakthrough on the Blockchain. But isn’t he just trying to scare the government into getting the much-desired regulation?
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