Ripple CEO Brad Garlinghouse has once again called on the United States regulators to step up and “lean into digital currencies” as the nation is falling behind China in terms of crypto innovation.
Notably, China has continued with the development of its central bank digital currency, to the extent of conducting real-world pilot tests on the CBDC. These trials will involve partners like McDonald’s, Subway, and Starbucks and will be carried out in four of China’s major cities.
The USA, on the other hand, has not even given clear guidelines regarding crypto regulation so far and has also put aside the development of a digital dollar. This goes to show that China is light years ahead of the US in the development of digital currencies.
Garlinghouse warns that this complacency will only set the US back while China gets all the glory.
Brad Garlinghouse’s Call To Action
As the trade tensions between the United States and China reach fever pitch, Ripple’s Brad Garlinghouse is urging US regulators to look to digital currencies.
In a two-part Twitter thread on May 26, Garlinghouse shared an article entitled “Could China’s Digital Currency Unseat the Dollar?”. In recent months, China has accelerated its work on its central bank-issued digital currency. The digital yuan initiative has been in the works for over five years now, and it’s now getting closer to becoming a reality. This has led to many experts arguing that the days of the dollar as the world’s premier reserve currency are numbered unless the US accelerates similar initiatives.
While the US fails to assert its position as the global leader of innovation, Garlinghouse alludes that “China’s grip on both fiat and crypto payments becomes stronger”.