China is unexpectedly welcoming cryotocurrency and blockchain technology. Leading in terms of economic stature, the country announced support for blockchain amidst the development of its own digital currency.
Mike Novogratz, Galaxy Digital founder worries that the US may never recover the time lost due to its uncertainty with cryptocurrency regulation. He said this in reference to the steps that China is making towards embracement of the blockchain technology. The US is falling behind the fintech race and may lose its “reserve status” if remained stagnant.
“And if we don’t transition to a digital world that will change. We are way behind on a crypto USD. China is coming. And coming fast. They are way ahead in fintech. Their President just publicly claimed his support to all things blockchain. We risk losing our reserve status.”
The above was followed by an interesting headline from a state media in China. Ghe article wants to enlighten the people about Bitcoin and Blockchain. It also shows that A nation that has been not open regarding cryptocurrencies is finally warming up to them.