As tensions continue to flare between the U.S. and China amid further trade war competitiveness, Ripple CEO Brad Garlinghouse has pitted the two superpowers against each other yet again, suggesting that America is falling behind China on crypto innovation.
A ‘Call to Action’
China’s work on its central bank digital currency (CBDC) has stepped up in recent months. The project, which has been in production since 2014, is inching ever closer to realization, and it has some critics concerned about what that might mean for the dollar’s de facto reserve currency status.
For Garlinghouse, China amping up its endeavors on the CBDC is a call to action. In an interview with Fox Business, the Ripple CEO urged the U.S. to take the lead in the wake of China’s proposed crypto. Analogizing the rise of cryptocurrencies to the tech boom in 2000, and the forward-facing stance the U.S. took back then, Garlinghouse alludes that American influence could yield positive results.
“These are new profound technologies and the US needs to be a leader in this space.”